As if last week’s bloodbath at the Pakistan Stock Exchange had not sent the message loud and clear, the end of yet another ominous day announced a 352-points plunge in what can only be described as the sounding of the alarm bells. Far across the city, the Exchange Companies Association of Pakistan shook its head and confirmed the unabated dollar flight to Kabul. With our foreign exchange reserves making merry on their way to rock bottom, there’s trouble lurking in every corner. Heartening announcements of friendly countries jumping to save the day have come and gone, but nothing has changed on the ground. In light of all this, the only messiah that matters–the much-dreaded yet highly-needed IMF–is playing hardball and seems to have given Islamabad another couple of weeks to start playing to its economic tunes or bid farewell to the held-up funds. Islamabad has been asked to raise taxes to the tune of Rs 800 billion, to which our financial czar had dismissingly thundered he “won’t take dictation from IMF.” Tragically, the zeal and zest of Mr Ishaq Dar have long faded probably because he remembered the controversial floating of the statement “beggars can’t be choosers” by his chief Shahbaz Sharif. Instead of taking advantage of whatever short breathing space was available in working on a reliable blueprint, the government is busy looking after its political capital. It might suit opposition members to look after their own interests when the entire kitchen is on fire, but those tasked with the affairs of the cabinet should not need a reminder about the responsibilities of their coveted positions. Inflation is all set to spread its tentacles even further while the economy shows clear signs of a looming recession. While the uproar over the missing dollars continues to fall on deaf ears, the crisis in the interbank market is completely off everyone’s radar. How are the industries expected to stave off pressures when opening a single letter of credit has become an unimaginably herculean task? Whether people are ready or not, Pakistan is all set to enter into a far tougher year where skyrocketing electricity and gas prices and constant default worries would remain the writing on the wall. If only, wishes could be horses… *