November 15, 2018
A Brief Overview of the current economic turmoil in Pakistan
The recent decline of the economy of Pakistan hasCONTINUE READING
Right when PTI decided to make Asad Umar the finance minister of Pakistan, people began discussing whether or not Mr Umar will be able to get the economy of Pakistan out of the crisis it is currently in. Many believe, specifically from the opposition side, that Asad Umar does not have what it takes to drive a country and its economy towards the betterment.
Since the day Mr Umar got hold of the office, people started having a close look at every decision and policy made by Asad Umar regarding the economy or the finances of the nation. Due to the many announcements he has made recently relating the same, he and the political party he belongs to have been bashed by the people who believe his policies remind them of the Purana Pakistan. But what we miss to see is the enormity of the economic challenges which our country is facing and the decisions that he has made till now are just exactly what is needed to be done in order to minimize the challenges in the long run.
The massive toll of issues with the current economy of Pakistan has led people to believe that no one can save the economy out of the hot waters it is in now. And the mini-budget just added to the speculations, but this budget which Mr Umar likes to call 'pro-poor' is actually similar to the injections the drug addicts get to overcome their addictions. It might feel painful now, but it will have desirable effects in the near future.
Among the bunch of people who are in support of the new finance minister, is a famous business magnate and philanthropist, Aqeel Karim Dhedhi. While talking about the economic turmoil and its current state, Mr Aqeel Karim Dhedhi said he is positive that the new government will sort out the issues and play a major role in decreasing the challenges. He was asked if he thinks that Asad Umar can prove to be beneficial for the Pakistani economy in the coming years, he seemed to look very confident that Mr Asad Umar will prove to be the right choice for the seat of finance head of the nation. He said,
"It was already told before the elections that Asad Umar will be designated as the Finance Minister of Pakistan. Asad Umar is a credible name. He has worked in big parameters in the corporate world. I believe he has the capacity and the ability to make a good team as a finance minister and according to what we have heard, Mr Umar will be working with a team of credible economists"
He stressed that the team of qualified and well aware economist along with Asad Umar will be the light at the end of the tunnel for the economy of Pakistan. He said, "And I believe that if he will go along with good economists, there will come definite betterment as a result. Our country is surrounded by many difficulties at this point and with the right decisions by the finance minister, there will be seen a decrease in the difficulties in the coming days. He has the ability to create a substantial policy".
He also mentioned the previous government and their failure to uplift the economy from the mess it has been in since the past decade. He added," The previous government could not tackle with the massive economic crisis of Pakistan because it did not have a team of economists under its wings and due to this, the country and its economy had to face major challenges"
In the end, he focused on the importance of the policies that must be made for Pakistan's economy to increase the reserves and cut down the debts and deficit.
"We expect Mr Asad Umar to the problems of the country with the team he has and decrease down the increasing debts and an economic deficit of the country and increase the reserves with brilliant policies".