A range of economic stakeholders in Pakistan has good reason to seek support from the newly elected US president.
For Pakistan, the immediate interest from a new US Administration is essentially to seek support for the country as Islamabad struggles to overcome an unprecedented economic crisis, manifesting itself in ways ranging from a sharp economic slowdown to depletion in foreign currency reserves and indeed a widespread flight of capital.
As things stand, Pakistan is apparently less than a month away from its first ever default on foreign debt payments, unless a way is found for a fresh injection to the country's overall starved economy.
The immediate interest from Islamabad is to seek a large-scale loan from the International Monetary Fund (IMF) - the global financial stabilisation body where the US has the largest influence among a number of key stakeholders. Once the IMF's loan comes through, policy-makers expect the necessary confidence to return to the economy which would inspire foreign investors.
Alongside this view is the expectation that countries which are friendly towards Pakistan will also step into the fray, offering to give loans on concessional terms. Such a largesse from these so-called friends is unlikely to come, however, without the IMF's seal of approval.
In the ultimate analysis, the hope among key Pakistani players is essentially that international factors led by the US will somehow or the other provide the necessary ground to help Islamabad recover from its economic woes.
The truth, however, is that the solutions to the challenges faced by Pakistan lie within factors that are internal to the country. Providing a stronger platform for an economic recovery programme that takes Pakistan towards a qualitatively new future is essentially what is fundamentally lacking in Pakistan's present-day outlook.
Core focus
Rather than seek support from external players and factors beyond the country's borders, Pakistan's newly elected democratic government needs to focus immediately on at least two inter-related factors which are essential to promote a domestic economic uplift.
First, profligate spending is a chronic issue that must be tackled immediately. On Monday, the decision to induct what is now being termed as a "jumbo" cabinet with a large number of ministers, marks a sorry choice in a country where cutting government expenditure must be a top priority for decision makers.
The decision to increase the number of ministers essentially means that there is support to symbolism of excessive expenditure and little by way of economising on what it takes to cut down the government itself.
While in defence against this argument the government may indeed take the view that the cost of inducting ministers is a miniscule part of overall national spending, the truth is essentially that this is a non-argument. Symbolism often is more vital than the substance of a choice made, all in the name of promoting good values.
Second, in reaching out to institutions like the IMF for a badly needed loan to bailout the country's economy, Pakistan must also recognise that foreign rescue packages are just not enough to secure its long-term future. Ultimately, the road to a more prosperous future lies within the country by undertaking reforms that sustain economic progress rather than ruin it before long.
The writer is a journalist based in Pakistan.
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