Daily Times

In their desperation to protect the political capital fast slipping through the leading players’ hands, Islamabad appears to have fallen completely out of the loop of its economic troubles.

The Ministry of Finance’s dismal warnings about macroeconomic performance, especially due to expenditure over-runs in the current fiscal year have failed to set off any alarm bells so far.

Instead of doing the homework needed to introspect why we have landed at the mercy of the IMF for the 23rd package, those at the helm are busy fighting wars on social media. Inflation is already in double-digits and the inflow of $1.5 billion from the Asian Development Bank has done little to ease the pressure off the rupee. However, the ministry’s outlook went wide of the mark by putting the entire onus of the gloomy rankings on the never-before-seen devastation caused by “monsoon on streoids.” As many as 9.5 million Pakistanis have been rendered either homeless or incomeless (a large majority suffering on both fronts).

No qualms about that. But our troubles had started long before mother nature decided to reverse decades’ worth of gains in terms of human development. Every political party loves to tout how they had left a phenomenally better treasury at the end of their stint in power but are unable to get a word out when it comes to glaring loopholes in the structural reforms.

Why is it that the common man has been forced to pay for the expensive mistakes of administration after administration because they did not see the debilitating consequences of an ever-so-extensive circular debt or the wisdom in spreading the tax net? While the top one per cent continued milking the subsidies cow with no regard for empty coffers, the government’s focus has always remained fixated on introducing indirect taxation. Similarly embarrassing has been our inability to cultivate trading partnerships in the neighbourhood. Lost opportunities abound and in the meantime, the comedy of errors continues in all its glory! Instead of talking about the potential for a better tomorrow, Pakistan seems fully invested in contributing to colourful headlines amid a chaotic frenzy. Maybe, it is time to put heads together for an economic “face-saving” for a change! *