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Ripped in Economic Turmoil, Pakistan Hoping For a Better Governance

New hopes have ushered in Pakistan after the recently held general election and the people have chosen a new leader, former cricketer Imran Khan. In between these decades of political instability, the country is desperate for a paradigm shift towards good governance and walk on the road to progress.

As per economists, a herculean task needs to be carried out by the newly formed government and pull out Pakistan from the swamps of economic crisis. Whooping amount of loans were taken by the previous two governments and the country is in dire straits as far as financial situations are concerned.

Reports of the World Bank suggest Pakistan has a current account deficit is $18 billion. During the recent times, the value of the rupee declined from Rs60 per dollar to Rs123, but contrary to that, foreign loans increased from $37 billion, accumulated over 60 years, to $95 billion with an additional debt of $58 billion in just 10 years.

The most challenging factor for the newly elected Imran Khan Government would be to roll over an outstanding debt is Rs 4 trillion over the next couple of months.

While the country is ripped apart by Economic crisis, insurgency and terrorism, the former finance minister easily managed to escape the law of the land and take refuge in the United Kingdom.

According to the people of Pakistan, Imran Khan has been regarded as a knight in shining armour after relentlessly struggling against corrupt rulers for 22 years.

Revamping the judicial system is a major task that lies ahead for the new government. The people are waiting for some miracle and out-of-the-box thinking which might bring back the country to its track.

Pakistan Tehreek-e-Insaf has been trying to stand up to the expectations of the masses and able to intrigue the people with ‘somewhat’ a fair political image. Economists in Pakistan are of the view that Pakistan’s economy is in the 100 million people below the age of 20.

The party claims that they would try and channelize the assets and aim for a knowledge-based economy by investing in infrastructure development and MNCs so that the youth in Pakistan can be employed. Ideas of revenue generations have to be intensely implemented so that the country can be pulled out of the current economic turmoil.

About the author

Siddharth Deb