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Taking bets on polls in 2023

56 6 1
07.08.2022

THE topsy-turvy world of Pakistani politics that owes itself mostly to political engineering experiments gone bad continues to provide new twists and turns daily. Thankfully, however, the economy, at least to my untrained eye, seems to be doing better than this time last week. On some positive news from the IMF country boss that Pakistan had met all requirements for the Fund to resume its package after formal approval from its board later this month, the stock market shrugged off its jitters and posted decent gains.

More critically, as a result of the IMF statement, an increase in exports and nosediving imports due to government measures, the rupee halted its free fall against the dollar and also regained about 10 per cent of the ground it had lost alarmingly over the few weeks the current government has been in office.

Some pro-government commentators saw a link between the rupee’s gain and the buoyancy in the bourse while others linked the currency’s recovery to the ECP making public what many legal experts described as a damning verdict in the PTI ‘prohibited funding’ case filed by one of the party’s founding members Akbar S. Babar.

Frankly, I don’t see how the ECP decision could have been a source of comfort for the stock and forex markets; the positive movement in both merely coincided with it as there were far more sound economic reasons for the development.

The fact that Imran Khan’s resignation has not been accepted and processed means his desire to contest nine........

© Dawn


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