APROPOS the opinion piece ‘The last IMF loan’ (May 27). The columnist artfully writes about the topic via appropriate instances and exampls. He takes you across the border to India. The year is 1991 — the Indian economy is drowning, the new government in which Dr Manmohan Singh is the finance minister is in grief over the country’s economic crisis, but soon the newly-elected government decides to come out of this panic mode and goes to the International Monetary Fund for a bailout package.

The Indian government knows that going to the IMF would never be a long- lasting solution. Therefore, we see radical steps being taken by the new government: subsidies on agriculture are brought below the line, food prices are hiked and many state controlled companies are privatised, currency is devalued and so on.

The consequences we see are very painful but do not last for a long time. We also see backlash from the opposition; even Manmohan’s own party members, oppose his polices. But the finance minister is confident and consistent in his decisions. He doesn’t seem to be giving way to the criticisms of the opposition.

Soon, India’s economy’s stablised.

We need to learn two things from India: one is putting up with the short-term economic pain and a political backlash; second taking possible radical steps and swiftly implementing those steps which can save us from next IMF bailout package and make it our last.

Shahid Hussain
Skardu

Published in Dawn, May 31st, 2019