External sector woes

It is good to learn that the United Arab Emirates (UAE) too has lent a helping hand to Pakistan to help us tide over the external sector challenge. Media reports say that the Abu Dhabi Fund for Development has allocated $3 billion to Pakistan through a deposit into the State Bank of Pakistan. These reports have also pointed out that our country is battling to bring under control a gaping current account deficit that has hurt its economy and lowered growth. Unfortunately, however, the 'mini-budget' announced by finance minister Asad Umer on Wednesday does not promise much insofar as country's external sector's woes are concerned. It is also quite unfortunate that government's economic vision does not inspire much confidence. The only redeeming feature of his speech in the National Assembly is the PTI government's decision to fuel industrial growth with a view to boosting exports and creating new job opportunities.