Pakistani nation suffers ailing economy, terrorism

Islamabad, May 15, IRNA -- The Pakistani people who are experiencing the toughest economic conditions are concerned about recent wave of terrorism in the country that poses a serious threat to their future.

The recent terrorist attacks in the country suggest that the terrorists are reorganizing themselves as the government is more focused on economic challenges in Pakistan.

Pakistan has already suffered a lot due to terrorism, which is a common threat of the regional states.

It is belived that the current wave of terrorism has been started since 2000 and heightened during 2009. Since then it has drastically declined as a result of military operation conducted by Pakistan's Army.

Last month terrorists killed 14 Pakistani security personnel in Ormara Balochistan, followed by a bomb blast in Chaman, terrorist attack at a Shrine in Lahore, attack on a luxury hotel in Gwadar, a bomb blast in Quetta killing four security forces and cross border attacks from Afghanistan.

The people of Pakistan are worried about these attacks and fear that recent terrorists’ activities could be a sign that the government is more focused on economic crisis despite paying attention to country’s security situation.

The Pakistan Tehreek-i-Insaf (PTI) government has recently announced that it has approved drls. 6 billion International Monetary Fund (IMF) bailout to save Pakistan’s economy over the next three years.

Alongside the bailout package, an additional dlrs. 2-3 billion per annum is expected from the World Bank and the Asian Development Bank as a means to revive cash flow and keep the country’s economy from collapsing within inside. For the average Pakistani, there are hard times ahead.

The IMF had been pushing for structural economic reforms since negotiations started last year which included a market-based exchange rate, introduction of new tax measures to increase revenue.

With 21 bailout packages already received from the IMF, Pakistan is tied with Argentina for the highest number of loans sought from the international lending body.

Opposition parties have lashed out at the Pakistan Tehreek-i-Insaf (PTI) government's agreement with the International Monetary Fund (IMF) for dlrs. 6 bn bailout to implement an ambitious structural reform agenda over a period of 39 months.

Maryam Nawaz, a vice president of the Pakistan Muslim League-N, called the agreement a 'complete sell-out of (the country's) sovereignty' and added that it had been 'rejected by the stock market'.

Pakistan Peoples Party (PPP) Senator Sherry Rehman also criticized the agreement and urged the government to brief the Parliament over the conditions of the deal.

PML-N's secretary general Ahsan Iqbal, has said that the government has 'left the people to IMF's mercy'.

Experts say Pakistan’s external debt level would increase to dlrs. 120 billion in next two years from current level of dlrs. 90 billion due to the government’s ever grwoing borrowing from International Monetary Fund (IMF) and countries like China, Saudi Arabia and the United Arab Emirates (UAE).

They recommend the government to focus on manufacturing sector, enhancing private investment, public development spendings, and privatization program and employment generation strategy in forthcoming years.

Pakistan is an important country of the region and with the help of other neighboring and regional countries, it can overcome the problem of terrorism which would help the country to pay full attention to its financial problems.
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