Wide spread and deeply entrenched corruption in the political elite is the basic cause. Reforms suggested by IMF at ‘real’ levels are avoided to serve interests of selected few. Added to this is the fact of zero accountability by those in position of favor or whose graph of popularity is high. Refusal therefore, by Saudi Arab to bailout Pakistan via interest-free loans should not have come as a surprise. The Saudi Finance Minister at the World Economic Forum in Davos in January stated, “We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms.” If Pakistani politicians thought this reset excluded Pakistan, they should know better now! Martyred ISI brigadier Burki’s funeral prayers offered in DI Khan For more such Opinions click here. Pakatan’s strategists have lived in a world making themselves believe that the world owed them. The one-track thinking was that due to its geographical placement & the fact that it is a nuclear country, the world cannot possibly let Pakistan fall. Wrong! Saudi Arab is resetting relationships with countries in the world. This is a factor Pakistan needs … Continue reading Saudi Arabia hands Pakistan the financial red card