External factors

This refers to the brilliant article ‘Growing external dominance’ (Dec 24) by Kaiser Bengali. As mentioned, we lost economic sovereignty a few decades back and now have lost political sovereignty as well. The nation is being dictated by other countries as to who should be our friends and who should be our foes. The absence of the PM from the KL Summit cannot be a bigger diplomatic fiasco and corroborates the above view. It seems that the PM could not resist the pressure, thus confirming that the economy remains in the ICU.

It is time we substituted foreign loans and borrowings with indigenous measures to resurrect the economy. The government, instead of showcasing austerity, must undertake real and visible austerity so that we do not have to lean on other countries while adhering to the maxim ‘cut the coat according to the cloth’. As a first step, the government must put stringent curbs on import of unnecessary consumer items that are eating away our meager reserves. And it should encourage import of capital goods and raw materials for setting up of industries to allow import substitution and exports. Regrettably, the government is working on adhocism and does not have an indigenous robust but sustainable self reliance plan. Without this, the shame of boycotting the KL Summit cannot be obliterated.

Huma Arif

Karachi