Daily Times

A string of finance ministers in the recent past have come and tried their best to straighten out the knots and give the country a semblance of direction but, ultimately, bowed out of their thankless job.

So when the newly-minted, fresh-off-the-corporate boat finance minister sits in the global headquarters, stares into the eyes of heavy guns and proclaims, “Pakistan does not need too many policy prescriptions,” he does deserve a pat on his back for having the courage to state out the obvious. No one’s denying the need to sort out our affairs.

Skytouching inflation rates, large fiscal deficit, abysmally low foreign exchange reserves and little to no interest in the world to invest in our country loom large. However, fiscal discipline cannot be achieved overnight and structural reforms – deemed imperative to stimulate economic development – would only work if executed thoroughly. But while big statements do carry a lot of oomph in the press, their impact on public sentiment also needs to be carefully calibrated.

Clear and consistent communication is crucial to avoid unnecessary anxiety. There may not have been any qualms about the necessity for a new IMF programme but the finance minister would still have to focus on transparently conveying the government’s economic policies, their expected outcomes, and the long-term vision for economic stability.

It is vital to work out a line of action that inspires confidence among the masses; signalling that no matter how tough the tide may become, their elected government remains determined to strike a balance between their everyday struggles and the national challenges.

As Mr Aurangzeb tries to get a grip on matters, he has a valuable case study in two predecessors, Miftah Ismail and Dr Shamshad Akhtar. One may disagree with his tough line, but Mr Ismail’s determination to clean the stables and persistently resolve our creditor’s grievances is unparalleled.

Negotiations with the Fund require extraordinary temperament and unwavering attention to the bigger picture. It can only be hoped that this time around, the government has learned its lesson. *