Daily Times

It’s disappointing that the government’s first major economic decision is an import ban that barely touches two percent of the monthly import bill. And it’s quite disturbing that even this long into the new setup the economic emergency has not got the attention it deserves only and only because the Shahbaz Sharif-led government is insecure about being allowed to complete its term.

These fears are quite understandable; almost as much as the urgency to address the economy’s problems. No party would want to take very unpopular decisions that would surely erode its political capital just before a general election.

At the very least, it would want the backing of all stakeholders, which in our case also includes the establishment, and then also enough time to implement the painful reforms and show some results. And when even front page headlines suggest that steps are being taken behind closed doors to install a caretaker setup, it’s only natural for crucial decisions to be pushed down the priority list.

It’s also very important for all stakeholders to understand very clearly that a quick election is not at all in the interest of the economy. Because it would force the incumbent to produce a populist budget that is sure to destroy the reserves position.

It is extremely important for the government to remove all subsidies keeping the IMF program from being revived, painful as it is, and then begin the long process of reform. The sooner these steps are behind us, the sooner we will be able to move towards better times. But the kind of paralysis induced by all the confusion in Islamabad is robbing the country of very precious time and putting any chance of a turnaround in doubt. The government must be given the assurances it needs that it is not going to be pushed out before its due time, and then it must be left to do what must be done. *