THE finance minister has stated that the government is going to IMF for the last time in the history of Pakistan. It is clear that the government wants to appease the warm-blooded ‘Naya Pakistanis’ who voted the party while believing the populist promises in order to behold an overnight revolution in governance.
However, since the incumbent government has assumed office, the bitter realities of the fragility of economy and weakness of institutions have been unfolding at an accelerated pace.
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There is no second opinion in the question of seeking another IMF bailout, but some serious steps are needed by the government to prove the aforementioned statement of the finance minister.
I believe that the government should unveil a powerful long-term plan to uplift economy while taking all major socio-political forces in confidence so that these efforts may not be curbed owing to any political instability or change of government after the conclusion of current term of government.
In my point of view, this plan should address all the problematic areas including the trade deficit, money laundering, taxation and neglected sectors including agriculture, livestock and forestry. I strongly believe that the lack of continuity in the economic policies of the government because of the absence of a strong national narrative to boost economy is the major stumbling block in the stable economic growth.
This can only be the way forward which will not only ensure the economic stability but will also prove the finance minister’s statement that the current bailout is the last one in the history of Pakistan.
Published in Dawn, October 26th, 2018