Sir: It is expected that the newly elected government will be confronted with numerous challenges. Presently, Pakistan is facing multi dimensional economic challenges of different intensity.
Rising inflation, increasing unemployment, depleted foreign exchange reserves, growing external debt, diminishing GDP & exports, poor taxation system and severe financial burden of national institutes (PSM, PIA, & Pak Railway) are main obstacles in the way of economic development. The Imran Khan-led government should take concrete steps and establish panel of economic specialists to tackle the economic challenges faced by Pakistan.
The Energy Crisis is another major challenge for the upcoming government. A shortfall of 7000MW is currently prevalent in the whole country. Due to this, unscheduled load shedding on one hand is adversely affecting masses, while on the other hand it has resulted in the shifting of industrial units to neighbouring countries like Bangladesh, India and Sri Lanka. To fill the gap, the new government should increase the power generation capacity of Pakistan through immediate installation of more hydro-electric plants, solar parks as well as wind & coal power plants.
The Water Crisis is the next big challenge. According to an IMF report, Pakistan is ranked third amongst the countries facing intense water crisis and might run dry by 2025. The major cause of water shortage is construction of dams on Western rivers (Indus, Jhelum and Chenab) by India in contravention to Indus Basin Treaty (1960). To save the country, the government needs to take vigorous steps to construct small and large dams to store water and plead the case against India.
The FAFT Grey List poses another challenge for the newly elected government. Despite diplomatic efforts, Pakistan is placed on FATF grey list, as they argued that Pakistan had failed to take actions against terror financing. The new government should act against terror financing and money laundering to get Pakistan off of the FATF grey list.
The isolation and hostility with our immediate neighbours is also hindering progress. India has initiated negative and adversary propaganda against Pakistan on all fronts, and we have suffered immensely in the last couple of years as a result. Long standing Kashmir Issue remains a bone of contention between the two countries as well, which have adversely impacted the overall geo-dynamics of the SAARC region.
The new government should initiate confidence-building measures to engage India in bilateral table talks, keeping the differences aside, so that the issues can be resolved and several policies can be formed for the promotion of trade, tourism, sports, and entertainment between the two nations.
Hopefully, the upcoming newly elected government will introduce and implement sustainable and long term policies to counter all major challenges, thereby bringing Pakistan back on the path to future prosperity
ZUHAIB ODHO
Karachi
Published in Daily Times, August 1st 2018.