Daily Times

The first in a series of nail-biting, formidable challenges testing the resolve of the new players waltz on the horizon. The upcoming deliberations with the International Monetary Fund have – for the zillionth-and-one time – shifted the spotlight to the country’s economy. As the Finance Ministry and IMF cross their t’s and dot their i’s, ready to begin the second review of Pakistan’s standby arrangement, it can only be hoped that rabbits will be pulled out of the magician’s hat; leaving our creditors impressed and in a merciful mood. Of course, praying for the best outcome is not tantamount to burying one’s head in the sand and denying the several obstacles that need to be tackled to navigate through the table talks successfully and having suffered the least.

The risk of further straining those who have spent the last few years bleeding at the altar just because their state has run out of options cannot be emphasised enough. With an already struggling economy and rising cost of living, any additional taxes or financial measures that negatively impact the general public could lead to widespread discontent. The finance minister needs to strike a balance between meeting fiscal targets and ensuring that the burden is not disproportionately placed on the citizens.

While anyone worth two cents would give a detailed, platitude-laced analysis that suggests Pakistan impose new taxes on sectors like retail, agriculture and property, simply proclaiming “take back the power” cannot deliver miracles. Eliminating elite capture may very well be the ultimate solution to our problems, but such herculean tasks are easier said than done. A hung parliament cannot afford to resist pressures from business tycoons, conglomerates and one percenters holding sway over allies or other stakeholders. Mr Muhammad Aurangzeb’s striking credentials might present a convincing case when he asserts that Pakistan is much better financially placed than in the same quarter last year. But the challenge to maintain the said rebound in GDP growth and recently-acquired stability requires an unwavering determination and no-nonsense, razor-sharp focus on results.

Between building a strong foundation for growth, investing in human capital and fostering innovation and entrepreneurship, there is a lot that needs to be pursued to even aim for somewhere remotely close to the skies. He may have had command over the ground realities and whatsoever has gone wrong in the last seven decades. However, as time will reveal, it is incredibly hard to follow the same advice we passionately give others.

All the very best, Mr Finance Minister. May your tenure spell an end to Pakistan’s doom and gloom. *