This refers to the news report ‘Weakening macroeconomic situation worries IMF’ (March 8). The latest warning from IMF reflects no confidence in the economic policies of the government after its failure to rein in the twin deficits and unsustainable debt burden.

With the formation of caretaker set up soon, the interim government would not be taking long term and policy decisions on the economy during its tenure nor IMF will be willing to deal with it. Therefore, the drift is likely to continue with no solution in sight. A financial default situation may arise during the caretaker government.

Even the scheduled elections this year and induction of a new government later does not offer much hope as familiar political leadership will adorn the parliament while the same faces mostly are going to spring up as its members under the political system in vogue. The only remedy is that a technocrat government be installed for 3 years to pull the nation out of the scary predicament.


Karachi, March 9.