Now that we are talking about the depression of oil and energy, there is a ray of hope ahead – it’s encouraging to find out that KSA is keen to invest 10 billion dollars in refinery and petrochemical sector. It’s delegation has visited a site near Gwadar to finalise along with our Minister for petroleum recently. UAE is also keen in setting up oil refineries, but before celebrating it all, we must stay realist in terms of investment support from middle eastern countries. They do offer aid but when it’s about investment, it’s very depressing that Qatar is planning to beef up investment in US by 45 billion dollars. Qatar is planning to rebalance its portfolio of assets away from Europe. This investment means, 1 million US jobs are dependent on Qatar and she already has committed 25 billion dollars in multiple sectors in US. Pakistan is still surviving on a begging bowl instead of an investment goal, in addition to 100,000 work permits in Qatar for Pakistanis – this is one offer that is offered to everybody who visits Doha, from Nawaz Sharif to Imran Khan.
But before this lands us into depression, we must remember that not everything reported was disturbing the last week, first half of the fiscal year 2018-19 reported 2.19 percent increase in exports as compared to the same period of the last fiscal year. It jumped to 11.216 billion dollars from 10.976 billion dollars. What’s more encouraging is, imports experienced a decline, from 28.695 billion dollars to 28.037 billion dollars. From this, we can assume country is back on track as Prime Minister Imran Khan had dreamt of it, but then again we bump into another reason to cry and that is – foreign direct investment had a low flight, we were 313 million dollars short of the amount we fetched during the first half of the last fiscal year.
Now that we are talking gloom, another fact about Karkey case shall catch you off-guard when you realise that during Prime Minister’s maiden visit and that of President’s to Turkey, Karkey case was discussed but no sweetspot was ever achieved. As media discussed about the ‘cold shoulder’ during Imran Khan’s visit to Turkey, no grants were expected in the first place but an amicable solution of Karkey could have been devised. There is high probability that our state assets abroad could get confiscated in this case and it’s a point of shame that we already have spent billions in fighting this case but we lost it anyway and another grant was recently approved for further pursuing the case, recently. However, this leaves a room for a question, what worsened the case of Karkey when we claim that the rental ship didn’t generate enough electricity as promised, neither the number of desired units nor at the desired cost – so Pakistan as a state was a victim of this fraud? But what weakened our position? judiciary’s interference was due but preventing the ship from going back was a right decision? We must not forget that Roosevelt Hotel is one of the properties that state owns abroad. It was first acquired by PIA on lease during the year 1979 and later purchased it for 36.5 million dollars -it’s no exaggeration to say, Pakistan bought it at steal of a price after winning the court case against its real owners. Since it was established, the hotel was featured in multiple movies of the Hollywood. It’s said to have over 1000 rooms and 52 suites, located in Manhattan, New York City. That’s one property we can’t think of letting go, although governments’ tried selling it off at multiple occasions in the past.
Although, there is less to celebrate and more to mourn but still whatever the little this country has achieved so far doesn’t impact Prime Minister Imran Khan’s image of bringing reforms. Despite apparent failures of his team, or if put politely, team being the over-ambitious bunch of people, it is too early to judge the honesty of the captain and his commitment to a better Pakistan. But, if he doesn’t correct, reshuffle and manage his team efficiently then it’s going to dent his popularity not theirs, which would be unfair with a man who struggled for decades. Whatever amount of progress this country has achieved in the last six months, that includes revival of zero-rated industries which led to recreation of jobs in Faisalabad in particular, shelter homes, and his passionate appeals to seek grants and investments, it’s all enough to measure his commitment towards the cause. Fortunately, year on year comparison of 2018 Jul-Dec’s Current Account Deficit reporting 4.4 percent decline as compared to Jul-Dec 2017 is one of the milestones that makes the Prime Minister stand stronger. Another reason to celebrate is Cargill’s commitment to invest 200 million dollars in food and agriculture sector last week was a ray of hope for dying economy. Although in pursuit of the industrial development which is a long-term goal, if relief to a common man who voted him in power is not delivered then there is no better tomorrow, neither for the government nor for the people.
