Alarm Bells!
The Annual Report of the State Bank of Pakistan (SBP) for the year 1994-95 seems to have created a stir in financial circles, certainly much more than one can recall in the recent past. However the full impact of the financial implications on the economy as enunciated in the Report has not yet become general public consumption, the common man remains unaware of the catastrophe likely to befall him. The Government reaction has been subdued enough to be called as non-reaction. Maybe they are all “Infantry-men” in the Finance Ministry and know that when under fire to keep their heads down. While the detailed reaction from professional economists and other experts of the country is still awaited, the layman should expect the worst, our financial sins have finally caught up with us. Some aspects of the Report beyond the cold statistical data and figures must be brought out for the benefit of the general public.
