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Balance of Payment

Balance of Payment

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1

Theoietical Aspects:
1here are some LheoreLlcal aspecLs of 8alance of ÞaymenLsŦ Cne Lheory glves a
vlewť
"1he 8o/once of Poyments {8OPs) is o comprehensive record of economic
tronsoctions of the residents of o country with the rest of the wor/d durinq o
qiven period of timeŦ"
noLher Lheory glves Lhe vlew LhaLť
"8o/once of Poyments is o tobu/otion of the credit ond debit tronsoctions of o
country with foreiqn countries ond internotiono/ institutionsŦ"

aipose:
1he maln purpose of 8CÞs ls Lo provlde Lhe governmenL wlLh lnformaLlon abouL
Lhe lnLernaLlonal economlc poslLlon of Lhe counLry wlLh and Lo help make
declslons abouL moneLary and flscal lssuesţ on Lhe one handţ and abouL Lrade and
paymenLs on Lhe oLherŦ

Balance of ayments of a Coantiy:
1he 8alance of ÞaymenLs of a counLry can be shown ln Lwo formsť
1) IerLlcally

ueblL (ÞaymenLs) CredlL (8ecelpLs)
2) PorlzonLally


2

Iertico/ť
8alance of ÞaymenL can be shown verLlcallyţ caLegorlzed as deblL and credlL
LransacLlonsŦ When ÞaymenL ls recelved from a forelgn counLryţ lL ls a credlL
LransacLlon whlle a paymenL Lo a forelgn counLry ls a deblL LransacLlonŦ
O 1he prlnclpal lLems shown on Lhe cred|t s|de are exporLs of goods and
servlcesţ unrequlLed or Lransfer recelpLs ln Lhe form of glfLs eLcŦ from
forelgnersţ borrowlngs from abroadţ forelgners' dlrecL lnvesLmenL and
offlclal sale of reserve asseLs lncludlng gold Lo forelgn counLrles and
lnLernaLlonal agenclesŦ
O 1he Þrlnclpal lLems o Lhe deb|t s|de lnclude lmporLs of goods and servlcesţ
Lransfer of paymenLs Lo forelgnersţ lendlng Lo forelgn counLrlesţ
lnvesLmenLs by resldenLs ln forelgn counLrles and offlclal purchase of
reserve asseLs or gold from forelgn counLrles and lnLernaLlonal agenclesŦ
oritonto/ť
8alance of ÞaymenLs can also be shown horlzonLallyŦ 1hey are dlvlded lnLo Lhree
caLegorlesţ lŦeŦ
1) 1he currenL accounLŦ
2) 1he caplLal accounLŦ
3) 1he offlclal seLLlemenLs accounL or offlclal reserve asseLs accounLŦ

1)1he CurrenL ccounL ť
lL lncludes all lnLernaLlonal Lrade LransacLlons
(of goods and servlces) lŦeŦ lmporLs and exporLsţ lnLernaLlonal servlce
LransacLlons (Lourlsmţ LransporLaLlon and royalLy fees) rendered and
recelved and lnLernaLlonal unllaLeral Lransfers (glfLs and forelgn ald) lŦeŦ
Lransfer paymenLsŦ




3

2)1he CaplLal ccounLť
llnanclal LransacLlons conslsLlng of dlrecL
lnvesLmenL and purchases of lnLeresLŴbearlng flnanclal lnsLrumenLsţ
nonŴlnLeresL bearlng demand deposlLs and goldţ comprlse Lhe caplLal
accounLŦ
3)1he Cfflclal 8eserve sseLs ccounLť
Cfflclal reserve LransacLlons conslsL of
movemenLs of lnLernaLlonal reserves by governmenLs and offlclal
agencles Lo accommodaLe lmbalances arlslng from Lhe currenL and
caplLal accounLsŦ
ln oLher wordsţ lL measures Lhe change ln Lhe naLlon's
llquld and nonŴllquld llablllLles Lo forelgn offlclal holders and Lhe change
ln Lhe naLlon's offlclal reserve asseLs durlng Lhe yearŦ 1he offlclal reserve
asseLs of a counLry lnclude lLs gold sLockţ holdlngs of lLs converLlble
forelgn currencles and Su8s and lLs neL poslLlon ln Lhe lMlŦ

B0s Eqailibiiam:
"£qui/ibrium is thot stote of 8OPs over the re/evont time period which
mokes it possib/e to sustoin on open economy without severe unemp/oyment on
o continuinq bosisŦ"
1ypes of 8CÞs Lqulllbrlumť
dlsLlncLlon has also been made beLween sLaLlc equlllbrlum and dynamlc
equlllbrlumŦ
1)SLaLlc Lqulllbrlumť
1he dlsLlncLlon beLween sLaLlc and dynamlc
equlllbrlum depends upon Lhe Llme perlodŦ ln sLaLlc equlllbrlumţ exporLs
equal lmporLs lncludlng exporLs and lmporLs of servlces as well as goods


4

and Lhe oLher lLems on Lhe 8CÞsţ be ln equlllbrlumţ buL also naLlonal
money lncomes should be ln an equlllbrlum vlsŴàŴvls money lncomes
abroadŦ 1he forelgn exchange raLe musL also be ln equlllbrlumŦ
2)uynamlc Lqulllbrlumť
1he condlLlon of dynamlc equlllbrlum for shorL
perlods of Llme ls LhaL exporLs and lmporLs dlffer by Lhe amounL of shorLŴ
Lerm caplLal movemenLs and gold (neL) and Lhere are no large desLablllzlng
shorLŴLerm caplLal movemenLsŦ
1he condlLlon for dynamlc equlllbrlum ln Lhe long run ls LhaL exporLs
and lmporLs dlffer by Lhe amounL of longŴLerm auLonomous caplLal
movemenLs made ln a normal dlrecLlonţ lŦeŦ from Lhe low lnLeresL raLe
conLrary Lo Lhose wlLh hlgh raLesŦ When Lhe 8CÞs of a counLry ls ln
equlllbrlumţ Lhe demand for domesLlc currency ls equal Lo lLs supplyŦ 1he
demand and supply slLuaLlon ls Lhus nelLher favorable nor unfavorableŦ lf
Lhe 8CÞs move agalnsL a counLryţ ad[usLmenLs musL be made by
encouraglng exporLs of goodsţ servlces or oLher forms of exporLs or by
dlscouraglng lmporLs of all klndsŦ no counLry can have a permanenLly
unfavorable 8CÞsţ Lhough lL ls posslbleţ Lo have a permanenLly unfavorable
balance of LradeŦ 1oLal llablllLles and LoLal asseLs of naLlonsţ as of
lndlvldualsţ musL balance ln Lhe long runŦ

Types anu Caases of Biseqailibiiam:
1here are several varlables whlch [oln LogeLher Lo consLlLuLe equlllbrlum ln Lhe
lnLernaLlonal economlc poslLlon of a counLryţ vlzŦ naLlonal lncomes aL home and
abroadţ Lhe prlces of goods and facLorsţ Lhe supply of moneyţ Lhe raLe of lnLeresLţ
eLcŦ L Lhe back of Lhese varlables lles Lhe supply of facLorsţ producLlon funcLlonsţ
Lhe sLaLe of Lechnologyţ LasLesţ Lhe dlsLrlbuLlon of lncomeţ Lhe sLaLe of
anLlclpaLlonsţ eLcŦ lf Lhere ls a change ln any of Lhese varlables and Lhere are no
approprlaLe changes ln oLher varlablesţ dlsequlllbrlum wlll resulLŦ
1here are Lhree maln Lypes of dlsequlllbrlum whlch are dlscussed belowť


3

yc/ic uisequi/ibriumť
Cycllc dlsequlllbrlum occurs because of Lwo reasonsť
O llrsLţ Lwo counLrles may be passlng Lhrough dlfferenL paLhs of buslness
cycleŤ
O Secondţ Lhe counLrles may be followlng Lhe same paLh buL Lhe lncome
elasLlclLles of demand or prlce elaslLlclLles of demand are dlfferenLŦ lf prlces
rlse ln prosperlLy and decllne ln depresslonţ a counLry wlLh a prlce
experlence for lmporLs greaLer Lhan unlLy wlll experlence a Lendency for
decllne ln Lhe value of lmporLs ln prosperlLyţ whlle Lhose for whlch lmporL
prlce elasLlclLy ls less Lhan one wlll experlence a Lendency for lncreaseŦ
1hese Lendencles may be overshadowed by Lhe effecLs of lncome changesţ
of courseŦ Converselyţ as prlces decllne ln depresslonţ Lhe elasLlc demand
wlll brlng abouL an lncrease ln lmporLsţ Lhe lnelasLlc demand decreaseŦ
lL ls sald LhaL Lhe underdeveloped counLrles suffer ln Lerms of Lhe balance of
paymenLs boLh from low prlced ln depresslon whlch hurL exporLs and from
hlgh lncomes on prosperlLy whlch glve rlse Lo heavy lmporLsŦ 1he developed
counLrles are hurL conslsLenLly by hlgh lmporL prlces durlng perlods of world
prosperlLy and by low lncomes abroad durlng Lhe perlods of depresslonŦ
8emedlesť
a) under Lhe gold sLandard deflaLlon and unemploymenL can acL as remedles
Lo cycllc dlsequlllbrlumŦ
b) Lxchange raLe depreclaLlon whlch mlghL cause reLallaLlonŦ
c) lmporL resLrlcLlonsŦ
ecu/or uisequi/ibriumť
1he secular or long Lerm dlsequlllbrlum ln 8CÞs occurs because of long run and
deepŴseaLed changes ln an economy as lL advances from one sLage of growLh Lo
anoLherŦ 1he currenL accounL follows a varylng paLLern from one sLaLe Lo anoLherŦ


6

ln Lhe lnlLlal sLages of developmenLţ domesLlc lnvesLmenL exceeds domesLlc
savlngs and lmporLs exceed exporLsŦ
ulsequlllbrlum arlses owlng Lo lack of sufflclenL funds avallable Lo flnance
Lhe lmporL surplusţ or Lhe lmporL surplus ls noL covered by avallablecaplLal from
abroadŦ 1henţ comes a sLage when domesLlc savlngs Lend Lo exceed domesLlc
lnvesLmenL and exporLs ouLrun lmporLsŦ ulsequlllbrlum may resulLţ because Lhe
longŴLerm caplLal ouLflow falls shorL of Lhe surplus savlngs or because surplus
savlngs exceed Lhe amounL of lnvesLmenL opporLunlLles abroadŦ L a sLlll laLer
sLageţ domesLlc savlngs Lend Lo equal domesLlc lnvesLmenL and long Lerm caplLal
movemenLs are on balanceţ zeroŦ
tructuro/ uisequi/ibriumť
SLrucLural dlsequlllbrlum can be furLher blfurcaLed lnLo
1)SLrucLural ulsequlllbrlum aL Coods Levelť
SLrucLural
dlsequlllbrlum aL goods level occurs when a change ln demand or supply of
exporLs or lmporLs alLers a prevlously exlsLlng equlllbrlumţ or when a
change occurs ln Lhe baslc clrcumsLances under whlch lncome ls earned or
spenL abroadţ ln boLh cases wlLhouL Lhe requlslLe parallel changes
elsewhere ln Lhe economyŦ Suppose Lhe demand for ÞaklsLanl handlcrafLs
falls offŦ 1he resources engaged ln Lhe producLlon of Lhese handlcrafLs
musL shlfL Lo some oLher llne or Lhe counLry musL resLrlcL lmporLsţ
oLherwlse Lhe counLry wlll experlence a sLrucLural dlsequlllbrlumŦ
deflclL arlslng from a sLrucLural change can be fllled by lncreased
producLlon or decreased expendlLureţ whlch ln Lurn affecL lnLernaLlonal
LransacLlons ln lncreased exporLs or decreased lmporLsŦ cLually lL ls noL so easyţ
because Lhe resources are relaLlvely lmmoblle and expendlLure noL readlly
compresslbleŦ ulslnflaLlon or depreclaLlon may be called for Lo correcL a serlous
dlsequlllbrlumŦ


7

2) SLrucLural ulsequlllbrlum aL lacLors Levelť
SLrucLural
dlsequlllbrlum aL Lhe facLor level resulLs from facLor prlces whlch fall Lo
reflecL accuraLely facLor endowmenLsţ lŦeŦţ when facLor prlces are ouL of
llne wlLh facLor endowmenLsţ dlsLorL Lhe sLrucLure of producLlon from Lhe
allocaLlon of resources whlch approprlaLe facLor prlces would have
lndlcaLedŦ lfţ for lnsLanceţ Lhe prlce of labour ls Loo hlghţ lL wlll be used
more sparlngly and Lhe counLry wlll lmporL goods wlLh a hlgher labour
conLenLŦ 1hls wlll lead Lo unemploymenLţ upseLLlng Lhe balance ln Lhe
economyŦ

akistan Balance 0f ayments (B0s)
We have been havlng a Lrade deflclL ln almosL all years excepLť
?ears
O 1947Ŵ1948
O 1930Ŵ1931
O 1972Ŵ1973
now we wlll dlscuss Lhe reason of surplus ln Lhese years one by one
1) 1947Ŵ48ť Surplus was because Lhe exporLs of Lhe newly born ÞaklsLan
were qulLe hlghŦ
2) 19S0ŴS1ť 1hls surplus was due Lo korean War when excess exporLs of our
coLLon and [uLe Lurned Lhe deflclL lnLo a surplusŦ
3) 1972Ŵ73ť 1he reason behlnd Lhls surplus was masslve devaluaLlon of
currency Ŧln 1972 Lhe rupee was depreclaLed from 8sŦ 4Ŧ76 Lo 8sŦ 11 per
dollarŦ 1he exporLs lncreased slgnlflcanLly and Lhe share of exporLs ln CuÞ
rose Lo 14Ŧ9 percenLŦ



8

lndusLrlallzaLlon ln Lhe counLry consumed Lhe avallable raw maLerlals and as such
Lhelr exporL from ÞaklsLan also decllnedŦ uue Lo Lhe lnLroducLlon of LxporL 8onus
Ioucher scheme ln 1939 Lhere was a greaL lncrease ln our exporL whlch accordlng
Lo Lhe avallable flgures rose by 80 per cenLŦ 1he raLe of voucher varled from 130
Lo 200 percenL whlch ralsed Lhe prlces of lmporLed goodsŦ

urrent positionť

CCMÞCNLN1S CI 8ALANCL CI ÞA¥MLN1S (AS ÞLkCLN1 CI
GDÞ)
eai Expoit
ŋ
Impoitŋ Tiaue
Beficitŋ
Woikeiŏs
Remittancesš
Caiient
Accoant
Beficitš
ŶŴŴź-ŴŻ ŵŵ.8 Ŷŵ.Ŷ 9.Ÿ ŷ.8 Ź.ŵ
ŶŴŴŻ-Ŵ8 ŵŵ.ź ŶŸ.Ÿ ŵŶ.8 ŷ.9 8.Ź
ŶŴŴ8-Ŵ9 ŵŴ.9 Ŷŵ.Ź ŵŴ.ź Ÿ.8 Ź.Ż
ŶŴŴ9-ŵŴ* 9.ŵ ŵź.Ŵ Ż.Ŵ Ÿ.Ŷ ŵ.Ż
Source: FBS, SBP & E.A.Wing, Finance Division
Ƌť 8ased on Lhe daLa complled by l8S
#ť 8ased on Lhe daLa complled by S8Þ
*ť Þrovlslonal






9

MÞCk1 LkÞCk1 AND 1kADL 8ALANCL

eai Expoit Impoits Balance
ŶŴŴź-ŴŻ ŵ,ŴŶ9,ŷŵŶ ŵ,8Źŵ,8Ŵź -8ŶŶ,Ÿ9Ÿ
ŶŴŴŻ-Ŵ8 ŵ,ŵ9ź,źŷ8 Ŷ,ŹŵŹ,ŴŻŶ -ŵ,ŷŵŹ,ŸŷŸ
ŶŴŴ8-Ŵ9 ŵ,ŷ8ŷ,Żŵ8 Ŷ,ŻŶŷ,ŹŻŴ -ŵ,ŷŷ9,8ŹŶ
ŶŴŴ8-Ŵ9 }aly-
maich
ŵ,Ŵŷź,Ÿźź Ŷ,ŴŶŵ,99ŵ -98Ź,ŹŶŹ
ŶŴŴ9-ŶŴŵŴ(pio) ŵ,ŵŻź,ŷ88 Ŷ,Ŵ8ŵ,Żźŷ -9ŴŹ,ŷŻŹ


Caases of Biseqailibiiam in B0 with
Refeience to akistan:
lollowlng are Lhe maln causes of dlsequlllbrlum ln 8CÞ wlLh reference Lo
ÞaklsLanť
-orrow export boseť
Cur exporL durlng lasL flve years ls lncreaslngŦ Powever lL ls noL growlng Lo Lhe
deslred exLenLŦ 1he reason ls our exporL base ls narrowŦ lL ls malnly concenLraLed
on coLLon
kise in oi/ pricesť
1he sharp rlse ln oll prlces parLlcularly ln 70s and onward ls Lalklng a blg chunk of
Lhe forelgn exchange earnlngsŦ 1he Culf crlsls furLher worsened Lhe slLuaLlonŦ




10

ncreose in import poyments for ferti/itersť
uue Lo lncrease ln prlces of ferLlllzersţ machlneryţ edlble oll eLcŦ 1here ls a
sharp lncrease ln Lhe lmporL paymenLs Lo ouLslde worldŦ 1he balance of paymenL
ls Lherefore adversely affecLedŦ
iqher poyments for freiqht insuronceť
ÞaklsLan has Lo make hlgher paymenLs for non facLor servlces such as frelghLţ
lnsuranceţ LransporL eLcŦ
uec/ine in term of trodeť
ln ÞaklsLanţ Lhe lmporL unlL values are hlgher Lhan Lhe exporL unlL values for
Lhe lasL over Lhree decades' decllne ln Lerm of Lrade causes lmbalance of
paymenLŦ
£verŴincreosinq demond for importsť
Cur socloŴeconomlc seLŴup ls lmporL and ulLra lmporL blasedŦ Þeople have
craze Lo purchase lmporLed goodsŦ ccordlnglyţ Lhe demand for lmporLed
vehlclesţ consumer durablesţ elecLronlcsţ eLcŦ ls lncreaslng day by dayŦ Moreoverţ
Lhe lncreased populaLlonţ urbanlsaLlon and demonsLraLlon effecL has necesslLaLed
Lhe lncrease ln demand for lmporLed goodsŦ
1rode restrictions of deve/oped countriesť
1he Lrade barrlers ralsed by developed counLrles agalnsL Lhe lmporL of
manufacLures especlally on agrlculLural producLs by Lhe developlng counLrles ls
one of Lhe lmporLanL facLors prevenLlng greaLer producLlon and exporL by some
lndusLrles ln ÞaklsLanţ parLlcularly Lhe coLLon LexLlle lndusLryŦ 1he dlsmanLllng of


11

Lhese barrlers Lhrough negoLlaLlons can go a long way ln lncreaslng ÞaklsLan's
exporLs of manufacLured goodsŦ
nf/otionť
lnflaLlonary condlLlons are a serlous obsLacle Lo Lhe promoLlon of exporLsŦ
lnflaLlon resulLs ln a rlse ln Lhe domesLlc cosL of producLlon so LhaL Lhe goods
produced cannoL compeLe ln Lhe world markeLţ lf Lhe raLe of exchange ls noL
sulLably ad[usLedŦ So Lhe conLrol of lnflaLlon ls essenLlal for keeplng ÞaklsLanl
goods compeLlLlve and for promoLlng exporLsŦ lL has noL been posslble Lo conLrol
lnflaLlon ln ÞaklsLan even ln recenL years
Po/itico/ instobi/ityť
1he developmenL of Lhe economy depends on Lhe pollLlcal clrcumsLances of
LhaL counLryŦ ÞaklsLan has been chronlcally suffered from dlfferenL pollLlcal
shocks slnce her lndependenceŦ Cur exporLs and 8CÞ are Lhe clear reflecLlon of
Lhese pollLlcal lnsLablllLlesŦ

aYYestions to Coiiect Biseqailibiiam in
B0:
1he followlng sLeps should be Laken ln order Lo remove Lhe deflclL or
dlsequlllbrlum ln balance of paymenL of ÞaklsLanť
(l) 1he proportion of monufoctured qoods is increosed and LhaL of
prlmary and semlŴmanufacLured goods be decreasedŦ


12

(ll) ln addlLlon Lo manufacLured exporLsţ Lhe nonŴtroditiono/ exports llke
food processlngţ dalry farmlngţ vegeLables and frulL cannlngţ and dry
frulLs be promoLedŦ
(lll) More and more delegaLes are senL abroad so LhaL new markeLs could
be exploredŦ 1he export exhibitions ond foirs are arranged ln Lhe blg
Lradlng cenLres of Lhe worldŦ 1he esLabllshmenL of Lxpo CenLres ln
karachl and Lahore ls a good sLepŦ Such expo cenLres should also be
esLabllshed ln 8awalplndlŴlslamabadţ lalsalabadţ Þeshawar and Lhe
fuLure clLy of CwadarŦ
(lv) 1he quo/ity ond cost of the export qoods be improvedŦ
ManagemenL phllosophles llke ConLlnuous lmprovemenLţ 1CMţ
kalzenţ and 3Ls' are adopLedŦ
;) 1he imports of /uxurious items shou/d be restrictedŦ 1he
CovernmenL can lmpose heavy Larlffs on forelgn goods or even ban
Lhe lmporLs of cerLaln forelgn goods LhaL are deLerloraLlng Lhe 8CÞ
slLuaLlonŦ
(vl) 1he imports of copito/ qoods ond enqineerinq qoods shou/d be
o//owedţ whlch are necessary for Lhe economlc developmenLŦ
Moreoverţ Lhe CovernmenL should also allow Lhe lmporLs of Lhose
goods duLyŴfree LhaL are used ln Lhe producLlon of exporL goodsŦ
ncreose in nvisib/e keceipts ond uecreose in
nvisib/e Poymentsť
1he efforLs are made Lo reduce Lhe lnvlslble expendlLuresŦ ln Lhls respecLţ
Lhe expendlLures faced ln respecL of forelgn embassles and forelgn Lours are
decreasedŦ 1he faclllLles of hlgher educaLlon regardlng sclence and Lechnologyţ
medlclne and surgeryţ buslness and economlcsţ performlng arLsţ eLcŦ are provlded
for forelgn sLudenLsţ especlally from lndlaţ fghanlsLanţ lranţ Srl Lankaţ Saudl


13

rablaţ 8angladeshţ lndependenL Musllm sLaLes of 8ussla and uLŦ ln Lhls way we
can earn a loL of forelgn exchange and remove Lhe deflclL ln balance of paymenLŦ
Moreoverţ Lhe domesLlc alrllnesţ shlpplng servlcesţ locomoLlvesţ recreaLlonal
places lncludlng resorLsţ hlsLorlcal placesţ shopplng placesţ eLc should be made
aLLracLlve for forelgn LourlsLsŦ MosL of Lhe counLrles are earnlng Lhrough Lhelr
Lourlsm and culLural secLorţ for exampleţ Srl Lankaţ Maldlvesţ Malayslaţ lndoneslaţ
Slngaporeţ 1hallandţ uLţ LgypLţ 1urkeyţ eLcŦ
ndustrio/itotion ond enqineerinqť
8educLlon of 8CÞ depends on our rapld lndusLrlal producLlon and Lhe
quallLy of our producLsŦ We need Lo fully uLlllse Lhe exlsLlng capaclLy of our
lndusLrlesţ and Lo promoLe Lhe process of lndusLrlallsaLlon and developmenL of
englneerlng secLorŦ 1he CovernmenL can esLabllsh more Lechnlcal and
englneerlng lnsLlLuLes and allow forelgn faculLlesŦ 1he CovernmenL can also
reduce sales Lax or even allow Lax exempLlons on producLlon and sale of
machlnerles and heavy englneerlng goods lncludlng elecLrlc generaLorsŦ
£xp/ore new vistosť
1he dlsequlllbrlum ln 8CÞ can also be correcLed by explorlng new vlsLas and
dlverLlng Lhe resources Lo Lhe producLlon and sale of such new exporLable goods
and servlcesŦ lor exampleţ Lhe CovernmenL can flnd handsome exporL earnlngs
ln Lhe new flelds of geneLlc englneerlngţ l1ţ anLlŴLerrorlsm Lechnologyţ compuLer
gamlng (llke ln SouLh korea)ţ compuLerŴbased surgeryţ or even ln Lhe fleld of
fashlon deslgnlngţ arL and culLure lncludlng sporLsŦ






14

Conclasion:
fLer havlng an undersLandlng of 8alance of ÞaymenLs of ÞaklsLan we've come Lo
a concluslon LhaL ÞaklsLan has been faclng a SLCuL8 ulSLCulLl88luMŦ ÞaklsLan
ls havlng Lrade deflclL ln almosL all of Lhe yearsţ due Lo lneffecLlve pollcles and due
Lo pollLlcal lnsLablllLyŦ 1he pollcles change from Llme Lo Llme and LhaL's why Lhere
ls a negaLlve lmpacL on LradeŦ 1here should be sLablllLy ln Lhe pollcles so LhaL
ÞaklsLan's 8alance of ÞaymenLs may have Su8ÞLuS once agaln and prosperŦ

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