Daily Times

While shrill alarm bells over the “exceptionally high” risks plaguing Pakistan’s economy ring at the IMF quarters, our ruling elite insists on keeping “business as usual.” There may have been several rounds of forced structural adjustments in the taxation process but simply squeezing those who are already a part of the tax net cannot magically pull the rabbit out of the finance ministry’s hat.

Meanwhile, honourable Minister Ishaq Dar has categorically insisted on no new imposition of taxes on sectors like agriculture and construction. An interesting approach, indeed, because giants thriving in real estate have long been pointed out as the greatest benefitters of an untaxed economy. Still, he too begins to look sideways when questioned about the blueprint to sustain the balance of payment pressures.

The menace of circular debt flow would continue to intensify if the errors in our ways continue. From controversial announcements over the release of funds to procure luxury vehicles for bureaucrats to the oblivion to challenges faced by the business community, there is a lot that the government needs to divert its energy on.

At present, its focus on laying hands on lifelines doled by friends in the international community is increasingly viewed as a resolve to tinker on the margins as opposed to taking care of the actual problems. Unless and until, an expor-driven growth becomes the crucial defining point of our economic policies, we would continue to knock on others’ doorstep for assistance. This is something IMF has proclaimed well in advance with its “suggestion” underscoring how Pakistan would have to consider “continued financial support from external partners.” As for the case of putting an order in our own house, the state should have realised by now that the urgency in striking at those who have milked the system for their own gains for far too long now. No ifs and no buts. *