The SBP reserves have declined to a precarious level of $4.5 billion, the lowest during the past 10 years and sufficient for a mere three weeks of imports. This figure includes deposits from friendly countries which cannot be touched. The situation ought to trigger a red alert within the government as well as the state institutions.
The economic failure is compounded by the unsatisfactory security situation, poor law and order, bad governance and eroding trust in the justice system. The state edifice is crumbling under the weight of tainted and incompetent leadership. If the decline is not halted, the country may soon turn into another Somalia or Sudan.
Arif Majeed
Karachi
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