In terms of borrowing, the governments debt-accumulation since 2013 has pushed up total public debt

from nearly Rs14.5 trillion in FY13 to around Rs21.5tr by June 2017 adding Rs7tr in just four years.
More worryingly, the PML-N government has contracted new foreign loans of nearly $40bn in four
years, an unprecedented amount, pushing total public external debt outstanding in net terms (after
repayments), from $51bn in June 2013 to $62bn at the end of March 2017.

Mr Dars policy framework since 2013, has resulted in Pakistans export sector (manufactured goods)
shrinking to 6.9pc of GDP from around 14pc in the mid-2000s.

undo the punishing taxation burden on industry imposed by Mr Dars policies, and to rectify the policy
framework in ways that will boost industry, in particular exports, in the long run.

This is exactly what has happened in Pakistan as the merchandise export sector has shrunk to 7pc of
GDP, from around 13pc in the early 2000s (a loss of 6pc of GDP), while all its trade competitors have
seen much larger increases in the size of their export sectors over the same period.

Whatever the answer, in the final analysis, it is fair to say that the exchange rate is a fundamental price
in the economy, and getting it right is essential not just for boosting the export sector but also for
providing a measure of protection to domestic industry.