Daily Times

Time is of great essence, especially when the rupee continues to be battered by the skyrocketing dollar rate and the national treasury has a measly $9 billion to make up for just over a month of import bills. Such extraordinary circumstances were probably what forced Pakistan’s army chief General Qamar Javed Bajwa to reach out to Washington in a never-before-seen move. US Deputy Secretary of State Wendy Sherman’s door was knocked in a bid to push the lender of last resort (IMF) to resume the much-talked-about resuscitation programme.

Despite several meetings between key state officials with major stakeholders in not just the Fund but also the World Bank and the largest shareholder, the US, on top of a staff-level agreement, no progress has yet been made. And that there have been reports of the board going into recess for the next three weeks sounds nothing short of a death blow to an economy scrambling to avoid the default at any cost. With the government busy blowing out political fires here, there and everywhere and the premier fast losing his credibility outside the capital’s jurisdiction, parallels drawn with the dire straits of the worsening Sri Lankan crisis are only adding to the frenzy.

And yes, the recent overture does give a whiff of blurred boundaries when it comes to the sacrosanct parliamentary supremacy. That the agenda to save the sinking ship and steer it towards stability comes from a place of goodness cannot be stressed enough but all intentions–however noble–should be pursued using a proper chain of command.

The prickly predicament of the political elite far too busy splashing muddy water to notice the change in the status quo aside, why is the premier financial institution still reluctant to go forward with the tranche is a much more important question to answer. Even after the ruling PML(N) has burned down the political capital it had built over decades (that spelt its embarrassing retreat in the Punjab by-polls) to pursue brutal aggressive policies, we have not heard a single reassuring murmur from the panel.

Now, statements about differences between staff-level approvals and a legally-binding vote by the stakeholders are making rounds in the media, what should Pakistan make of this one step forward, two steps backwards charades? Whether the IMF is reluctant in giving the final node because of our checkered history with not one, not two but an overwhelming 21 partially-completed plans (we graduated from one) or has its eyes set on a final word from more influential players, the country cannot bat on the sticky pitch for much longer.

The rupee is in a free fall, investors’ confidence is touching all-time lows and the back-breaking inflation s well on its way to breaking its own records. By voting for the former first party, the people have registered their say: no more exploitation. And unless some miraculous delivery saves Pakistan and its masses from plummeting into the bankruptcy hellfire, the ruling coalition would be better off accepting the error in its ways.

The failure of emissaries overseas and the unrelenting support to the top one per cent while averting the gaze from hapless rickshaw drivers setting vehicles ablaze and the unprecedentedly high layoffs would not work anymore. *