Professor Muhammad Arslan
What is the crux of the recent financial crisis in Pakistan ? Is it the debt ? Is it the tax collection ? Is it corruption and bad governance or is it incompetence? It will be surprising to know that the biggest factor for the present crisis is that we import more and we export less. Biggest export is fuel and we don’t have enough dollars to pay for it. How can we get dollars? We need our products to be of exportable quality. If we keep on consuming everything and we keep on importing from outside world we will not be able to survive this crisis and eventually default. If we default we wont be able to get debt nor will we be able to buy fuel. If there is no fuel there will be no electricity and all businesses, government work etc. will come to a stop. This might lead to massive chaos. There is even possibility of rogue elements attacking the rich God Forbid just like we saw in Sri Lanka. It is hoped that IMF will rescue us for the next couple of years but then what? As long as we don’t start exporting goods and services we can’t survive for long.