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Thursday, February 2, 2023
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EditorialTo be, or not to be - default?

To be, or not to be – default?

Even while the government frequently disputes the claims, the default discussion persists. For the past few weeks, information concerning the country’s catastrophic economic situation and the threat of bankruptcies has been released from a variety of sources. Recent claims that Pakistan is inherently dangerous were refuted by Planning Minister Ahsan Iqbal, who labelled them “PTI propaganda” spread for strictly political reasons. Despite the opposition to the government, Miftah Ismail, its former finance minister, has also garnered attention for his remarks that the nation is at risk of going bankrupt. The country will go bankrupt if no action is taken soon, but government officials continue to deny such rumors and reports.

Prime Minister Shehbaz Sharif also claims that the risk of default has passed thanks to the government’s difficult decisions. The prime minister told a group from the international investment banking and capital markets firm Jefferies that the government is dealing with misinformation about Pakistan’s economic situation, which is instilling a false sense of optimism. Without a question, the administration is taking steps to stabilise the economy. However, actions speak louder than words, and while Federal Finance Minister Ishaq Dar also refuted the rumours of bankruptcy while noting that the country’s economy is improving, his performance should speak louder. Whatever perceptions the government or anti-government groups have of Pakistan’s economic situation may be inflated, but Pakistan’s recently retired Army Chief General Qamar Javed Bajwa also said that at present Pakistan is suffering from a serious economic crisis. No single party can take the country out of this crisis. To resolve this situation, everyone must cooperate. The fact remains that the nation continues to experience economic problems. Despite all of the government’s efforts, the economy was unable to stand on its own. The possibility of national bankruptcy will loom unless our economic situation is improved and measures are taken to ensure economic stability.

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