The International Monetary Fund (IMF) is determined to pull Pakistan out of the economic crisis it is facing.

In order to save the sinking economy and put it on the path of development, our financial experts made estimates a year ago, keeping in mind the opinions of the country's political and government officials and economic experts, and the Govt then requested a bailout package of seven billion dollars from the IMF to repay the debts owed to the country with interest and to manage the foreign exchange reserves that had fallen to extreme levels. 

However, getting its approval has become the biggest challenge compared to the past and the government of Pakistan is very seriously implementing some of its conditions to be fulfilled during the specified period. If the economic problems are resolved, there is no room for doubt that the national economy will be free from all shortcomings, but will be built on very strong foundations.  Without a doubt, the priceless natural resources available to the country will prove to be helpful in cultivating it. Finance Minister Senator Muhammad Aurangzeb had hinted in the past. The IMF mission will come to Pakistan in February for the first review of the $7 billion Extended Fund Facility program, but the three-member delegation, which arrived in Islamabad on Sunday, has a mixed agenda. 

According to it, during its visit, it will review poor governance and corruption in six sectors of Pakistan. The mission will present recommendations related to financial management, supervision of related sectors, market reforms, rule of law, anti-money laundering measures and anti-terrorism laws, which will help the government of Pakistan promote transparency and increase institutional capacity.  The delegation’s homework during its stay includes reviewing alleged mismanagement found in various departments, appointment of judges and integrity of the judiciary.  The members of the IMF delegation will meet officials of about 20 institutions, ministries and departments, including the Judicial Commission, Ministry of Finance, Law and Justice, Election Commission of Pakistan, FBR and State Bank.  The Finance Ministry confirmed the arrival of the IMF review mission to Pakistan in a explanatory statement.

According to the report, the government of Pakistan will help in examining key governance and the shortcomings found in it and assessing corruption.  In this regard, structural reforms will be identified, which is also the government's own priority. The Governance and Corruption Diagnostic Assessment Report will be published regularly.

If the challenges facing the country's economy are examined in the context of the arrival of the IMF review mission and its agenda, all those shortcomings and the motivations behind them come to light, which have already been mentioned by economic experts, however, political expediencies are getting in the way.  After spending one year of the current government on preparing the economic reform framework, starting its implementation and preparing the agenda that follows it, and in light of this, the financial experts and the government are  optimistic about the future of the economy, the initial results of which have come out of the country in the form of reducing inflation and reducing interest rates.  However, PIA, Pakistan Steel Mill and other loss-making institutions And the departments still remain a challenge, on which the government has to spend billions of rupees annually without any output.

After spending one year of the current government on preparing the economic reform framework, starting its implementation and preparing the agenda that follows it, and in light of this, the financial experts and the government are  optimistic about the future of the economy, the initial results of which have come out of the country in the form of reducing inflation and reducing interest rates.  Meanwhile, inflation and price-spiral has started rising again, which is a matter of serious concern.  As Ramadan approaches, the activities of the profiteering mafia are also increasing. Along with the unjustified increase in the price of sugar, other food items are also becoming the target of this nefarious practice of profiteers, the consumption of which increases significantly during Ramadan.  Banaspati ghee is at the top of these items because it is used in dishes prepared for iftar and sehri. According to a report, despite the decline in palm oil prices in the global market, grade I and grade II ghee have become expensive by up to Rs 6 per kg in the country and the possibility of further increase in the coming days is very clear.  Due to this increase, grade I ghee has become Rs 595 and grade II ghee has become Rs 540 per kg in wholesale.

Some grade II brands are also being sold for Rs 550 per kg. It is quite possible that the prices will be reduced slightly due to public pressure by increasing the prices further before Ramadan so that additional profits can be earned and the consumers can also be satisfied. To permanently prevent illegal profiteering, the provincial and local governments should devise an effective monitoring system that is always active.  In addition, instead of spending four to five billion dollars of foreign exchange every year on the import of edible oil, the country should implement the projects of palm oil cultivation in the country. The coastal areas covering millions of acres are very suitable for palm plantation.  Its experiments have been very successful, especially in Sindh. However, the vested interests mafia has not allowed this trend to go ahead.  The need of the hour is to start palm plantation without delay and not only save foreign exchange by producing cheap edible oil and ghee within the country, but also earn huge foreig n exchange by exporting the excess palm oil. Not only ghee prices are rising but the prices of sugar have also increased and are contineously rising. So the road ahead seems to be very bumpy for the common man, who is already running from pillar to post to make both ends meet. Right now, every citizen is concerned about the price spiral ahead of the Ramazan, which is few weeks away.

The Government must take note of the situation before the advent of the Ramazan.