External account challenge

Prime minister-elect Imran Ahmed Khan Niazi has taken oath of his office; he's now country's 22nd prime minister. He is fully aware of the fact that the task ahead is profoundly challenging particularly in areas of country's economy and its relations with other countries. The finance minister-designate Asad Umar appears to be fully mindful of enormity of challenges. No doubt he inspires confidence. But the question is whether or not he has the required ability and capacity to do his job. Only time will tell.
In my view, however, his first priority as the finance minister should country's external account as the external balance of payments position has greatly worsened over the last two years. The combined current account deficit for these two years has risen sharply to $30 billion. This has required much more external borrowing, especially of a commercial as opposed to a concessional nature. The situation underscores the need for moving the International Monetary Fund (IMF). The Cabinet to be formed shortly will be required to treat this as the top agenda item.