Pakistan’s economy has entered the stabilisation phase after going through an extremely turbulent period. However, it is too early to think about reviving economic growth and generating employment, as the focus should be on restoring permanency to the stabilization efforts.

The key is to diversify sources of external financing, which lately has been confined merely to multilateral and bilateral options.

Sovereignty of the country has been compromised, as in the last two years or so, virtually at every engagement on the international forums Pakistan authorities have effectively behaved like beggars, and they could not be choosers in sovereign decision making.

It is about time to rethink the strategy, and work on reviving the other external debt financing options, which the finance minister is already thinking about it. However, before exploring any commercial and market options, the key is to enter a fresh Extended Finance Facility (EFF) with the IMF (International Monetary Fund). The finance minister would initiate the talks in the upcoming Spring meetings and will try to get the macroeconomic framework ready before the federal budget so that the budgetary........

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