Daily Times

If only hopes could manifest light, the troubles of finance minister Ishaq Dar would have long been over. Since the day the prodigal czar had returned to unroll yet another act of his world-famous Daronomics, he has huffed and puffed and done everything in between to bring the International Monetary Fund back to the deliberations table. However, his earnestness to change the country’s fortunes in the midst of the worst-ever economic crisis was shattered in a matter of days. That Pakistan did not enjoy the same confidence in the international community as in his earlier stint was clearly lost on him as he continued the tussle of horns, expecting the usual friends to swoop in and hand out a lifeline or two. Alas! After seemingly neverending bad experiences, the world appears to have moved on. There is no easy money to lay claim to (as remarked by Saudi Arabia), and geostrategy has overstayed its welcome. The bubble may have burst, but those counting on Dar’s magical illusions to whip up a magical solution to the finances and their vote-banking troubles stand firm and steady.

To further complicate matters, nobody seems to give two hoots about millions being pushed below the poverty line. Pay cuts and salary delays are the order of the day, and layoffs hang like a Damoclean sword. Between skyrocketing inflation numbers, parallel exchange rate markets and the state offering nothing other than divine providence, the ordinary Pakistanis languish out of the frying pan and into the fire.

Looking at the macro picture, the staff-level agreement would not dice unless the country makes a strong case for debt sustainability. Like it or not, the PDM government needs to show at least six billion in its coffers to be considered viable for further disbursements. How it would manage an arithmetic masterstroke when not many wish to root for its integrity is a multi-million dollar question, especially because of the leadership’s overwhelming obsession with fighting political fires. *