A FINANCE minister is wanted in Pakistan not because Ishaq Dar is now grappling with the National Accountability Bureau (NAB) court.
Whatever increase in the size of economy has tal(en place is an example of consumerism which does not lead to a sustainable growth. Mr Dar was heavily tilted towards ramping foreign exchange reserves through foreign loans. Recourse was also made to floating a 10-year bond of $500m in the Euro bond market in the last quarter of2015 at a staggeringinterest rate of 8.25pc which rather shows its dubious intent.
In the present crisis, a professional economist, should take over the reins from Mr Dar for analysing the macro economic imbalances and implementing viable remedies on the fastest track to avoid any looming default by Pakistan.
The 2017 Global Hunger Index (GHI) has placed Pakistan at number 106 out of 119 countries. We are just above a handful of African and sub-Saharan countries.
Similarly, the Global Competitiveness Index 2017-18, released by the World Economic Forum, has placed Pakistan at No.115 out of 137 countries (last one is Yemen).
This tells how difficult it is for Pakistan to compete in world markets. The exports can only take off significantly if the Pakistani rupee overvalued by more than 20pc is devalued at one go to avoid recurrent market speculations, which is least recommended.
This devaluation, however, will trigger inflation, which is one bitter pill we got to swallow for the revival of economy. Mr Dar has made Pakistan a compulsive borrower as we now tal(e loans for debt-servicing.
