The economic situation in the country is currently extremely challenging, and there is a crisis at the political level due to uncertainty surrounding upcoming elections. Extraordinary circumstances require extraordinary decisions, which seem to be absent.
During a meeting on Friday, Caretaker Prime Minister Anwaarul Haq Kakar expressed the need to address smuggling and take strict actions against officials involved in smuggling. It appears that the government believes that Pakistan’s authorities play a crucial role in curbing smuggling of dollars into Afghanistan. While the world doesn’t stop you from taking measures to prevent the smuggling of dollars out of your own country, in Pakistan, existing laws are supportive of combating crimes such as theft and smuggling, yet all these efforts seem to come to a standstill when it comes to enforcing the law.
Due to the dollar smuggling, the depreciation of the rupee continues to rise every day, causing skyrocketing prices of essential goods. The affordability threshold for all kinds of expenses, including electricity bills, has been crossed. Despite all this, the smuggling mafia remains unchecked. Pakistan shares a 2,600-kilometer border with Afghanistan, where smuggling cannot be completely halted, but it can be significantly curtailed.
During the previous government led by Shahbaz Sharif, members of parliament were allocated billions of rupees to carry out development work in their respective constituencies. However, it is necessary for the current government to immediately retrieve any remaining development funds from these members and utilize them for the betterment of the country. Other extraordinary decisions should also be taken to make dollars available to Pakistan, which can support the national economy.
When I served as Pakistan’s Ambassador to Libya, we discussed the possibility of a single-country exhibition in Libya. At that time, Pakistan’s revenue from Libya was $68,000, which eventually reached millions of dollars. We encouraged small traders to bring their containers and export dollars back to Pakistan.
Pakistan has embassies in many countries, and ambassadors have significant influence. Wherever possible, special attention should be given to single-country exhibitions to bring dollars into the country.
When I became Pakistan’s Ambassador to the United Arab Emirates (UAE), Pakistan’s trade volume was $1.2 billion. By the time I left my position, it had reached $3.3 billion. We respected and honored the people there, distributing certificates to acknowledge their contributions to the country. Today, Pakistan’s embassies should distribute similar recognition documents to Pakistanis living abroad. This will help boost foreign exchange reserves.
Currently, due to inflation, people are struggling, and those who aren’t on the streets are harboring resentment, a sense of injustice, and a desire for revenge against the ruling elite. Until the elite class understands the plight of these people, Pakistan will not be able to attract foreign investment, nor will it be able to improve its economic situation through aggressive diplomacy.
By using solar power for electricity and conserving petroleum products, Pakistan can significantly reduce its energy crisis. A balance between income and expenditure can determine profits and losses, and Pakistan has numerous sources of income that can be utilized to save the country from the dollar crisis. Smuggling can be curbed by enforcing strict measures.
Similarly, Pakistani expatriates can be given an opportunity to invest by providing them with easy installments for unused or government-held land.
Pakistan has millions of acres of unused land, which, if made available to overseas Pakistanis, can bring in significant foreign exchange. Through various initiatives, Pakistan can improve its economy by increasing foreign exchange reserves.
