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Dragging rupee to its knees

Dragging rupee to its knees

There is no doubt in the notion that international financial institutions are the neo-colonialists of the modern age with powers to make and break the economies of developing countries. The financial institutions, which were set up apparently to assist the developing economies, are following the policies not different than that of the East India Company or the organizations of the kind which occupied most of the countries in Asia and Africa. The portion of India, which is now Pakistan, also remained under British rule for a century and now its government is losing writ and ability as an independent country to the foreign financial institutions. The recent chaos in political scene has led to the International Monetary Fund to dictate its conditions to the fragile government in Islamabad in the same manner as was the modus operandi of the colonial powers in the past. The fund’s mission, during its visit to Islamabad, convinced the prime minister and the State Bank officials to lower the rupee value without keeping in view its aftermath and effects on the economy and the working classes.

The IMF has successfully completed its mission and the central bank looked on the free fall of the country’s currency as a silent spectator for a couple of days until its worth came to the lowest ebb. What can be said other than irresponsibility of the finance managers of the country, who are occupying senior positions on the taxpayers’ money, but have failed to find a way out. The IMF officials dictated their terms and the managers accepted every advice like obedient servants. The IMF mission has now welcomed the State Bank’s move to allow the currency exchange rate to adjust the ‘market conditions’ with a hidden order to show more flexibility in the coming days. Reports suggest some of the beneficiaries of this move have earned billions of rupees overnight without investing anything. When there is weak government in the centre, the officials can cross any limit without any fear of accountability. The National Assembly and Senates are also working normally on the taxpayers’ money but most of the parliamentarians are least interested in the economic affairs and. The devaluation of the currency is disastrous for the economy, but it seems the move has nothing to do with anyone from the government or the opposition benches. It appears every politician is fighting for his personal survivor and economy is not a priority area for them.