This letter refers to the article ’sri Lanka or Bangladesh?’ (February 12, 2023) by Dr Farrukh Saleem. The writer cautions the policymakers while making an analogy with the events in Sri Lanka. Sri Lanka’s government failed to navigate through the grave economic crises that erupted in 2021, leading to a sovereign default. Political instability exacerbated the worsening of the economy and triggered widespread social unrest. Many of the same factors can be found in Pakistan today.
However, sovereign default may be a blessing in disguise as it may put pressure on the ruling class to carry out crucial reforms and discontinue the pro-rich policies that have wreaked havoc on the economy over the years.
Arif Majeed
Karachi
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