Rarely does a national leader speak as frankly as Prime Minister Imran Khan has this week, but never before has Pakistan faced as grave an economic crisis as is now looming overhead.
After two months in the job, Mr Khan has had time to study the books he inherited from the previous administration and, as he has made clear, they make for disturbing reading.
In the past three years, Pakistan’s total external debt has shot up from $66 billion to more than $95bn and Mr Khan has inherited a record trade deficit of more than $37bn, which has continued to rise, despite three consecutive devaluations of the rupee.
Transparency and accountability were key platforms of Mr Khan's campaign and, to his credit, he opted for some straight talking in an interview with The National.
Pakistan is facing the worst debt crisis in its history. Without further loans, it will soon be unable to service its debts or pay for imports.
In short, he said, as he headed to Saudi Arabia’s Future Investment Summit, “we’re desperate”. In addition to seeking support from Saudis and other Gulf states, that desperation could drive Pakistan back into the arms of the International Monetary Fund for what would be its 13th and largest loan from the organisation since 1988.
Pakistan’s current budgetary shortfall is in the region of $12bn – twice the size of the last IMF loan in 2013. Asad Umar, Mr Khan’s finance minister, has insisted that this is the last time Pakistan will go cap-in-hand to the IMF.
Certainly, repeated bailouts are not a long-term solution and not a realistic alternative to badly needed root-and-branch reforms of financial institutions and government departments, and a determined assault on corruption.
But while borrowing to pay debt is always a dangerous gambit, Pakistan has run out of options. What matters now is how the government manages the economy in the breathing space provided and how the burden of paying for any loan is distributed among the country’s 210 million citizens.
There is much to be done, and quickly. But, as Greece’s comeback from economic disaster has shown, such apparently hopeless situations can be turned around.
Government spending must be drastically curbed. Already Mr Khan has started to cut government subsidies – despite promises to the contrary, from this month consumers will pay a more realistic price for gas.
He might also be forced to put on hold his ambition to create an Islamic welfare state. As a priority, Pakistan must restore its trade balance, boosting global sales of its main export, textiles, and reducing its reliance on cheap Chinese goods.
It is true that Pakistan’s crisis was created by the corruption and irresponsible spending of previous administrations.
But the measure of Mr Khan’s leadership will be whether he can set aside the populist idealism that put him on the road to office and embrace the pragmatism that Pakistan now so badly needs.
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
