European Union has been better able to absorb the oil shock, because of the rising value of euro vs. the US dollar, which cushions the abrupt rise in dollar-denominated oil prices. But economies linked to USD like PKR are hit thrice over - their own weakness, the falling value of the greenback against other major currencies, and then the sky-high oil prices, as well as those of practically all other commodities.
There is a saying in Persian: "Marg-e-Anbooh jashni darad" (There is an air of festivity about the death of a multitude). Well, there is nothing to cheer about this particular lingering death. Especially, when our chances to overcome the problems are very limited.
Looking towards handouts from others who are in similar straits (or may be worse) is hardly comforting. So the only cure is self-help and the sooner this truth dawns on our fiscal wizards and money managers, the better it will be for the nation in the long run.
We have got to bite the bullet, and forget about temporary palliatives. Empty slogans are not going to lead us any where. Time demands action! And fast!! So planners who are counting on foreign aid to come to our rescue had better get rid of the illusion and admit that their approach is not going to fill the kitty.
Efforts have to be focused on the home front - to get rid of wastes, corruption, incompetence and lethargy. We are fighting a war. Why only on one front (terror)? Why not on several fronts at once (poverty, ignorance, street crimes, et al)?
The government leaders rightly feel that they have inherited problems from the previous administration, but much of the inflation has occurred during the last 3 or 4 months. PKR has fallen precipitously during the last month mostly, although the slide started earlier. Blaming others is not a cure for the malaise, particularly since it is a global infection, like the bird flu.
What we have to concentrate on, is to boost production - in every sphere. Belts have to be tightened, sacrifices have to be made - but these hardships should be borne equally, and the burden spread equitably.
Some of the holy cows have to be forced to realise that now it is their turn too, and here it is not only the sacrosanct land-owning rural lords, the urban property owners, or the professional tax evaders, but also the perennial preference seekers among the industrialists, who are always asking for duty drawbacks, sales tax exemptions, and other favours.
They should be made to understand that their fat bank balances are not to be augmented at the cost of depriving the poor of their daily bread, the children of their milk, or the sick of their medical care. So no more exemptions from taxes, and no privileged class anymore. Now it is share and share-alike.The alternative is too grim to contemplate.