There can be no second opinion about the revival of economic stability in Pakistan. This revival pursuit should be swift without wasting time anymore. The durability of intended stability largely depends upon the strength of consensus between political stakeholders. A broader and natural consensus has already emerged within various quarters on this important issue. the public, business community, farmers, industrialists, labor class, government employees, and students are speaking loudly for the change of course.
Hard effects of economic deterioration are being felt across the board. Survival under the growing burden of inflation has been the toughest challenge for the common masses during the past two years. Leaving aside exaggerated political disputes, efforts put in by the present government to overcome the financial crisis are quite encouraging. Putting the economy back on the right track in a given situation is not an easy task. This becomes more challenging due to the highly polarized political landscape. Reasons for derailment from track of progression and stability are well known. It seems that old ways of throwing blame for failure on each other will not work anymore.
Halting the fast downslide of the country on the slope of economic deterioration should be the top priority instead of ditching down the political rivals. While walking on the tightrope, the federal government has generated a positive impression of its seriousness about catching the bull of economic crisis by the horns. Three major developments on this account deserve the unbiased appreciation of the ruling benches fairly on merit.
First, the government has successfully engaged the IMF for a desperately needed financial bailout package. Apparent positive signs from IMF means a lot at this moment for the intended restoration of the financial credibility of Pakistan. Second, encouraging progress in economic cooperation with the Kingdom of Saudi Arabia (KSA) has also been reflected positively. The maiden tour of Prime Minister to KSA after the elections and the subsequent tour of a high-powered delegation led by the Saudi foreign minister underlines the swift finalization of joint ventures. Participation of the PM in the recent session of the World Economic Forum on the special invitation of KSA is being viewed as another encouraging development. Third, result result-oriented approach on the internal front also shows the government’s resolve to deal with pinching issues of tax evasion and energy shortage.
The decision to move forward with Iran on the long-standing issue of the gas pipeline has moved beyond the verbal claims with the recent tour of the Iranian President to Pakistan. Tough action against the FBR officials for displaying negligence on the sensitive issue of tax evasion underscores solid change in the mood of the government.
As per official claims of the government. these three developments are just the significant starters of a well-thought-out stability drive. Undoubtedly, growing political discord in the past couple of years played a key role in igniting the economic minefield filled with explosive policy gaps. Despite a strong urge for quick fixes, focus must not be diverted from long-term reformative measures. A realistic diagnosis of perpetuating instability is a must for subsequent healing procedures. Economic logjam is the inevitable outcome of decades-long negligence adopted persistently in policy domains. Is this logjam repairable? This question is perplexing the minds of many citizens in different forms. In a way, confusion revolving around the success of restoration efforts reflects the depth of chaos installed in society with the overdose of populist political rhetoric.
Irrespective of the political affiliations, ruling parties have significantly failed in delivering the promised results during the past two decades. Unfortunately, national political culture lacks due attention to policy formulation with long-term objectives in sight. This would not be an overstatement that national politics is badly entangled with issues linked to a cutthroat power struggle. Obviously, the allocation of resources in power tug of war hardly leaves anything in the kitty of political parties for the issues concerning the public. Interestingly, political parties have been mostly successful in gluing the public with a highly unimpressive performance track record on the ground.
Credit goes to the societal obsession with sentimental narratives, fiery speeches, and character assassination with baseless allegations and unimplementable lofty promises. Unawareness of voters about the manifesto of their favorite party or candidate is another evidence of questionable political sense. In recent elections, major political parties paid very little attention to the declaration of respective manifestos in public. Such non-serious methods should not be absorbed into political parties.
Reformative measures advised by the IMF and apolitical economic experts must be pursued with all sincerity to bring Pakistan out of its economic quagmire. Foul overplay of political rhetoric played a key role in pushing the country into the deep ocean of instability. Successful restoration of stability is not impossible however, its success largely depends upon a realistic change of heart of political leadership.
