With every passing day, fears of withdrawn support from the IMF pushing the Pakistani economy towards the edge of the precipice become more concrete.
The economic landscape of Pakistan has long been plagued by uncertainty and volatility, largely exacerbated by the looming shadow of insolvency.
Considering how Pakistan has yet to appear on the Fund calendar, a chaotic frenzy ensues. At the centre of this maelstrom, now appears Ishaq Dar (once again), the infamous former Finance Minister of Pakistan.
During his recent trip to the UK, the deputy prime minister did not mince words as he criticised the controversial delay in the disbursement of much-needed funds, questioning whether it wished to push the country towards default.
In his relentless pursuit of financial assistance on his own terms, Dar had previously gained notoriety for resorting to questionable tactics that served to alienate Pakistan from the international financial community. Nothing short of a debacle, his overtures were not unnoticed then and are now bound to draw flak.
Finance Minister Muhammad Aurangzaib, meanwhile, has no qualms about the pathway to stability as he once again set sight on the programme, touting it as a potential last mile.
Since we are not in a position to worsen the financial woes any further, it can only be hoped that the ongoing efforts will soon pay off.
Only an immediate bailout and a political will to work on long-lasting structural reforms can prevent the country from facing a fate like Sri Lanka. Despite some positive indicators, the dwindling foreign investment and limited economic activity pose significant challenges, potentially leading to job losses, wage cuts, and a higher cost of living for the people of Pakistan.
It is crucial for Islamabad to establish clarity in its dealings with the IMF so that we can know for sure where we stand. Anything less is a recipe for disaster. *