A much-expected jump in headline inflation (said to cross 24 per cent on the CPI) in the wake of a massive price increase (of up to 193 per cent) in gas would prove to be the first dent in the rosy economic picture touted during the last few weeks. It goes without saying that any reform that intends to improve recoveries and, in turn, reduce public debt would go a long way in helping the wobbly ship across choppy waters. There appears to be no other way for the interim government to keep a check on burgeoning circular debt, already standing well past the last-reported figure of Rs 2.1 trillion. However, a green light from the IMF and the promise of “better days” cannot magically resolve the predicament of bloated bills during the winter months. These accounting terminologies and experts emphasising a focus on the bigger picture cannot keep the house running. Just as before, rejection calls by industrialists will prompt the state to pacify them by offering lifelines in tune with those already being enjoyed by the textile sector at the expense of the common man. These one-percenters would have their own way by waving the inflation card and still proceed to punish the masses. Whopping increases in prices of fertiliser, cement and steel are on the cards, which, in turn, would unleash yet another round of induced inflation. As seen in the case of electricity, the government would have to realise how futile these increases are to the national interest. Sooner rather than later, they would have to throw the hefty cargo overboard eating up precious resources in the form of subsidies. This nurturing culture, especially of ultra-rich members of the superclub continues to be admonished by economists and our creditors when they urge Pakistan to start paying attention to the relief of the troubled instead of the blue-eyed. The two gas companies would also have to take effective measures against phenomenal system losses and widespread gas theft if the state wishes to provide some relief to the exasperated consumers. *