Usman Lashari

It is pertinent to examine that while the overseas remittances stood at a record $31 billion in 2022, the foreign direct investments in Pakistan in August 2022 were merely $110 million.

Pakistan’s rupee is one of the world’s worst-performing currencies, the country’s foreign exchange reserves are abysmally low, and it has been unable to attract much-needed foreign investment.

Energy costs for domestic and commercial users have skyrocketed, particularly in Europe, including England. Some consumers have experienced a five to 10 folds rise in energy bills compared to last year.

After 1947, India and Pakistan faced similar problems. A Bloody partition, massive migration, and divisions of casts, creeds, and languages left many fractures and open wounds on both sides of the border.

Unless we address this intellectual default, there is little chance of rescuing the economic default. While every government boasts of foreign remittances, it is terrible for the economy in the long run.

Editorials, Op-Eds, and TV talk shows are spitting filthy propaganda to smear Imran Khan or anything remotely related to Imran Khan. Attempts were made initially to disqualify him through foreign funding, which somehow has hit some roadblocks for the time being.

All of this means that there will be a liquidity crunch. Moreover, there is a high likelihood of capital outflow from emerging markets to developed economies depending upon their exposure to this insane money printing.

It is not desirable that the powerful military establishment be equated to the emperor, courts, the SCBA, and the opposition leaders to the wise old men. Walking naked on this procession without feeling the nation's pulse will lead to catastrophic outcomes down the road.