KARACHI:
The Covid-19 pandemic that enveloped the world for more than two years had disrupted the global supply chains resulting in a significant contraction of the global economy. Pakistan was not an exception, as the pandemic left millions of people unemployed, pushing thousands of families below the poverty line. The country’s economy was witnessing some recovery, but the Russo-Ukraine war, coupled with domestic political instability, further squeezed the fiscal space.
Ordinary citizens suffered severely due to back-breaking inflation. The IMF’s board approval for the release of loans worth $1.1 billion was seen as a sigh of relief amid fast depleting foreign exchange reserves. But the recent floods wreaking havoc worth billions of dollars across the country have subsided any chances of economic stability. It was hoped that political forces on both sides of the aisle would sacrifice their short-term political point scoring for the larger public interest, providing space for the devastated economy to recover.
However, the heightened political temperatures seem far from over as political actors across the divide are busy solidifying their political support base. Making matters worse, the renewed talks of government change in Punjab, which, if it happens, is bound to fuel further political divisions in the country. The ensuing political polarisation will have far severer repercussions for the fragile economy and the common man afflicted with complex challenges. It is high time that all stakeholders showed some semblance of political maturity in the interest of the electorate that elected them to power.
Asad Aziz
Khushab
Published in The Express Tribune, September 18th, 2022.
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