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Economy in crisis

Economy in crisis

As political atmosphere is charged, the report of the joint investigation team is a warning for the elite and noble classes of the country who are habitual in using public funds for their personal gains without fear of accountability at any stage. The JIT was formed on the orders of the Supreme Court to probe defalcation charges against Prime Minister Nawaz and the team has apparently found very crucial information about his family’s business interests in offshore companies. It is not a secret that the soul of every blue blood is impregnated with corruption and there is hardly anyone in parliament who would come clean when tested on the articles of the constitution. The federal capital is now buzzing with various kinds of rumours, creating not only political instability, but also casting doubts on the future of mega infrastructure projects in the country. The economy of the country is already going in slow mode and this kind of ventures launched by certain political parties will aggravate the economic woes rather than bringing any good to the nation. In a country where corruption is institutionalized, it is very difficult to curb this menace with one stroke. Elimination of corruption is a process and it must continue in any circumstances. However, the process should not affect the growth of economy or create political uncertainty in the country.

The country is facing multiple challenges which needs across the board unity among the nation. India has stepped up diplomatic offensives against Pakistan to isolate it in the comity of the nations. On another note, it has set up open and secret cells in Afghanistan and Iran to launch insurgency as well as terrorism in various parts of the country. Through close cooperation with various international secret agencies, which are also hostile to Pakistan, India has successfully labelled this country as sponsor of terrorism in the world and has distracted the attention of the world community from atrocities in occupied Kashmir. The nation needs to take a unified stand against Indian offensive. At the home front, all the political forces should join hands to find a solution to the economic and administrative problems. Political uncertainty is adversely affecting the performance of the economy and the government is already struggling to maintain financial stability in the country. The recent fall in the Pakistani rupee has revealed the inherent vulnerabilities of the financial order and not only the government but the opposition should also consider this aspect of the economy before launching any adventure.