APROPOS the editorial ‘Spiritual university’ (May 7). Surely we need to guard against Sufism (metaphysics) passed down through the centuries in khanqahs and dargahs with material sciences.

Reports appearing in economic magazines have made grim forecasts about our economic health. We need to shun populist promises and address bitter fiscal challenges. The fiscal account deficit swelled to about 5.4 per cent and the current-account deficit to 5.8pc of GDP in 2018, compared with 5.2pc and 3.9pc of GDP on average in 2016 17.

Exports continue to be sluggish while imports are ballooning. The trade deficit, which stood at $3.9 billion in the first quarter of 2015, rose to $10.5 bn in the second quarter of 2018. Simultaneously, the current account deficit rose from $2.8bn in 2015 to $15.8bn in 2017. Unpaid external debt rose from $62.7bn at the end of March 2015 to $91.8bn by end of March 2018. The rupee has fallen to a new low of Rs148 to the dollar in inter-bank while is selling for Rs151 to the dollar in open market.

Hostile reports predict Pakistan is in for a crisis like Hambantota port in Sri Lanka. The United States wants to exploit Pakistan’s balance of payments difficulties to abort the BRI/CPEC projects. It is unfortunate that while many countries got rid of IMF tutelage, Pakistan has failed.

Till 1958, Pakistan had no external debt. We led simple, austere, and honest lives with no air conditioners. Prime Minister Liaquat Ali Khan did not live in a 300-kanal house nor did he wear a wrist watch, worth about Rs460million. Though a nawab, he announced he would not to build his own house until every Pakistani was sheltered

Pakistan has availed itself of 12 IMF programmes compared with one for India, three for Bangladesh and two for Sri Lanka. Eleven out of the 12 programmes were stalled midway. This does not say much for the latest IMF bailout.

Aside from spiritualism we need to cast a closer look on our economy (imports, deficits, debts, and so on).

Amjed Jaaved

Rawalpindi

Published in Dawn, May 20th, 2019