Pakistan government must act faster to solve pressing issues.

Byline: Shahab Jafry

Well, Imran Khan brought a nice big cake back from China, but it was without that cherry on the top that he so desperately wanted. The 15 MoUs are all very nice - ranging from education to industrial cooperation - but Beijing poured some cold water on the hopes of a Saudi-like, preferably twice the size, 'bailout package'. It turns out that the Chinese would like to talk a little more before routing $6 billion of their own reserves to our central bank's vaults where they can just sit and make the foreign reserves look pretty. Everybody knows that the Chinese CPEC investment in Pakistan already touches the $50 billion mark.

That they still want multi-tiered negotiations for a paltry $6b 'friendly loan' that would only last a year ought to have prompted some soul searching in the ruling party. Yet it didn't stop Finance Minister Asad Umar from declaring that, because of Saudi and Chinese help, Pakistan's balance of payments crisis is suddenly over. But is it? Imran brought back a $12b package from Saudi - $3b in our books, $3b deferred oil payments for three years - even though Umar kept saying $6b in his press conference. Top that with the $6b the PM was so sure to get from China and you would have suddenly had an extra $9b to show in the reserves. Very impressive, indeed, only that a Chinese bailout is still in the works.

But what about that little stipulation that we cannot touch any of this money? How does that help with the immediate payments that got the PM hopping from country to country in the first place? Surely, we'll have to do more than showing creditors our reserves position when they come asking for their money. Wouldn't that be like me owing 10 rupees and having only four, but when I borrow six from the editor it's on the condition that I cannot make payments with it? Or like upgrading the fire brigade, after much begging and pleading, only to know that the new water cannot be used to put out fires. Does that really help beyond headlines?

Plus, these transfers have a one-year deadline. What will the finance minister say about the BoP...