With economic keys handed over to the International Monetary Fund (IMF), Pakistan appears to have lost its sense of managing the chaos of fiscal imbalance. After successfully passing each checkpoint of crisis, the country now stands on the brink of calamity. A safe return to a satisfying, functional economic system offers significant friction, with a high probability of slipping away at any moment. Still, under such circumstances, a wise act coupled with an update of the current system can save the country from losing more.
Beneath the thick layer of this worsening situation lie huge stumbling blocks. Firstly, poor and cracked economy-related policies decide the fate of Pakistan’s fiscal space. A plant with weak roots shows stunted growth. So, trying to tighten the nuts and bolts of the system without taking on board the related policies is like keeping the plant in sunlight without adding fertilizer to the soil where the plant’s roots lie. In other words, such a stance may postpone the crisis rather than axe it.
Thereby, the ruling government needs to fix this internally as a part of a permanent solution. The blame game shall end now; it is time for political parties to get back to their seats. Political dissidents need to turn away and rethink. Leg-pulling, horse-trading, and all similar activities need a full stop now rather than a comma. Doing is different from saying. Instead of springing up in press conferences, big noises must step forward, cooperate and unite to convey hope and enthusiasm to the masses whose eyes are glued to them to work to get the country out of this sucking problem.
Big noises must step forward, cooperate and unite to convey hope and enthusiasm to the masses and get the country out of this problem.
Another source of impediment is high-interest rates. Surprisingly, high-interest rates have soared inflation. The climb’s exclamation is thumping the business world, as the record shattered recently; prices hiked from single digits to 40 percent. The public is smashed and propelled to step down from its financial status by putting a curtain on necessities. On a social note, small start-ups and businesses are targeted, eventually leading to their liquidation. Ultimately, national growth will decelerate in monetary terms. Freshly, the IMF directed Pakistan to “tax the rich, subsidize the poor.” The approach works invertedly in practice. Precisely stated, the rich are getting richer while the poor are even more burdened.
Masses’ interest is at the length of infinity with ongoing deals with the IMF, amendments made in monetary policies and related stuff. His interests and worries complement to pile up at a single point: whether his family can have bread and medicine. For him, the ‘perfect storm’ comes at this turning point. With skyrocketing prices, markets suddenly fall short of food, medicine, and fuel. Thereby, a dampening situation awaits to engulf him that could challenge his energy reserves at work but yield nothing. Behind the scenes, things lie at a half-turn. Frequently, artificial shortages jump in; at times, business personnel deliberately create the mess for profit. Eyes on the prize! To tidy up, a combination of measures is the need of the hour regarding import management.
In outline, Pakistan, on the face of it, is in a race against time to fight tooth and nail for the dysfunctional economic train. It is a time of test also for unity and solidarity. Let’s stand together in these challenging times to combat the crisis and work towards a developed and independent Pakistan.