There seems to be no end in sight for Pakistan’s financial crisis. Political uncertainty over the years has ensured that there remains a gulf between policy statements and their implementation. The current account deficit, it is feared, will go beyond $17 billion by June next year, and up to $23 billion in 2019-20.It is clear that the ongoing economic challenges were mishandled by the federal government. Incompetence and lack of will on the government’s part continued to give rise to economic problems including the decline in exports. The government claims to have put the economy on track, but the reality is quite the opposite.Pakistan’s total external debt and liabilities had increased to around $83 billion by the end of fiscal year 2016-17, and a sum of $8.2 billion was spent on its servicing. A mix of flawed policies and poor implementation has resulted in the country literally falling into a debt trap. That Pakistan has been placed among four out of 10 countries that may default soon on repayment of external debt is worrying to say the least. The government’s reluctance to consult relevant experts while taking important economic steps has been a key reason why the issue of debt has worsened.The government should now realise its mistake and make urgent measures to undo the affects of decisions taken in the past. Prime Minister Shahid Khaqan Abbasi should immediately take notice of the sky-high debt and bring the relevant experts on board to chalk out a plan for urgent remedial measures including increase in exports.Former finance minister Ishaq Dar is largely responsible for the debt crisis that looms over the country today. And after his resignation, it is imperative to have someone at the finance ministry who can undo the damage done by Dar. PM Abbasi should urgently find a suitable person to appoint as finance minister so something can be done about the debt crisis before it’s too late. *Published in Daily Times, December 6th 2017.