There's something strange about the IMF not granting the billion dollar loan to Pakistan. The government has done everything the IMF wanted, in fact even more, but the agreement keeps getting stalled. I had been wondering if the IMF wanted something else from Pakistan, something that would benefit India (which is now one of the contributors to the IMF).
It turns out that I may have been right. Yesterday Finance Minister Ishaque Dar hinted that the IMF wanted Pakistan to denuclearize. Any government that does so would be committing hara kiri. So Pakistan is in a tight spot.
I believe this may be good for the country. We were sanctioned for exploding nuclear devices in 1998, but we managed to survive.
Today the situation is different. This time it will be tough. Our elite have become used to spending much more than necessary. Our imports are much more than our exports. If the government now reduces imports of useless stuff like luxury vehicles and stops spending on foreign visits and other things that are not necessary, we may be able to emerge stronger from this crisis. Let's hope we succeed.
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