This refers to the news report ‘Forex reserves fall to $21.824bln, lowest in 9 months’ (Feb 17). The drawdown on the reserves continues without respite owing to the larger current account deficit which is expected to reach $6 billion by June this year. The external account is in the throes of a serious crisis and strangely, no rescue plan by the government is in the offing.
Furthermore, with the current trend, the avenues to obtain soft loans have been exhausted. This means we will need to resort to borrowings on harsher terms. The bottom line is that Darnomics has miserably failed over the past three and half years due to poor economic management.
Majeed
Karachi
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