M Arsalan J Ghauri
Pakistan is standing at a crossroads facing numerous challenges. Due to the poor management of economies by previous governments, the country’s economy is in the ICU as the incumbent government with the help of Army is working tirelessly to overcome these challenges. With government’s efforts, positive signs are coming as global rating agencies such as Fitch and Moody both have upgraded Pakistan’s economic outlook, which is a positive sign for foreign investors who are waiting to invest in Pakistan in various fields.
When Prime Minister Shehbaz Sharif took over the government from Imran Khan, the country’s economic outlook was very poor and struggling to find a place where it could avoid default. Every person predicted that Pakistan would default as it had no foreign exchange reserve and didn’t have enough dollars to make foreign payments and return loans. Hostile elements tried their best to create propaganda and spread distorted facts about our economic outlook. All their efforts were wasted due to wise decisions and steps taken by the government in consultation with military.
The government worked hard and launched various initiatives to get the country out of the economic mess while avoiding defaults. The government also successfully boosted the confidence of foreign investors by assuring them best opportunities for investment across the country. Pakistan Army played a pivotal role in securing foreign investment and boosting the confidence of the investors by providing safe and secure environment in the country. Army, along with other law enforcement agencies, launched efforts to eradicate terrorism and extremism from the country, which ultimately brought peace.
Chief of Army Staff (COAS) General Asim Munir has undertaken visits to friendly countries such as China, Saudi Arabia, the United Arab Emirates and Qatar to assure them of the full support of armed forces and protection of their investment in the country. He personally approached the leadership of these countries who in return agreed to invest in Pakistan in various sectors. Gulf countries also agreed to provide immediate relief to Pakistan by extending loans and increasing their deposits in the State Bank of Pakistan (SBP).
This facilitation by COAS mainly helped the country secure investment and avoid defaults. He invited foreign investors to invest in Pakistan without any fear. Prime Minister Shahbaz Sharif acknowledged the role of COAS in getting the country out of default-like situation.
The COAS also played a key role in the establishment of the Special Investment Facilitation Council (SIFC). The sole purpose of SIFC is to garner maximum foreign investment and facilitate those who are investing in Pakistan. The SIFC also helped foreign investors to address their issues while investing in Pakistan. This nexus between PM-COAS is proving to be game changer for Pakistan in order to stabilize the country’s economic outlook.
After the establishment, Pakistan secured Billions of Dollars in the shape of foreign investment from friendly states. Gulf countries recently announced to invest in oil sector and establish oil refineries in Pakistan. These projects are going to be a game changer for Pakistan and will boost the confidence level of other investors as well.
Likewise, stabilizing Pakistan is not only the responsibility of the government and military. Politicians have an active role to play in it. It is very unfortunate that few opposition parties and their leaders are still adamant about targeting state institutions and government officials for mere political gains. The propaganda of political leaders is being used by hostile elements to destabilize Pakistan.
It is high time for our politicians to unite and work to uplift the country. They should set aside their political differences, sit with the government and devise a proper plan for long-term economic stability of Pakistan. Without a strong economy, no one will respect us and it will damage the future of our generations to come. This is the time for unity and strength. Politicians should extend support to our government as well as the military for the betterment of the country not for personal gains. A strong nation is evidence of strong economy. Our armed forces need our unconditional support. If we continue to ignore their sacrifices, it will have negative connotations for our generations to come and demoralize the valor of the armed forces.
*The writer is Islamabad based Islamabad based expert of strategic affairs
**The opinions in this article are the author’s own and do not represent the views of The Diplomatic Insight. The organization does not endorse or assume responsibility for the content
