No room for any missteps

The deportation drive is in full swing. Thousands of Afghan nationals staying “illegally” in Pakistan are being deported on a daily basis. More than 140,000 have already returned to their homeland voluntarily. Sporadic bloody fight against remnants of the separatist elements in Baluchistan is ongoing. People are growing sceptical about the will of the Election Commission of Pakistan and the caretaker government to hold the next general elections on time. An air of uncertainty prevails across the country and in financial and commodity markets. Fears about the Israel-Hamas war spreading across the region continue to grow. Since the beginning of the war on October 7, international oil prices have remained erratic and are projected to hit the $100 per barrel level soon. Pakistan’s import bill is becoming fatter despite efforts to contain it. Foreign investors are repatriating profits and dividends earned in Pakistan much faster than in the past. The rupee is once again under pressure ahead of the talks with the International Monetary Fund (IMF) for the release of the second tranche of a $3 billion short-term bailout programme secured in July.