KARACHI:
The PDM government assumed power almost a year ago after ousting PTI Chairman Imran Khan through a no-confidence motion. A year later, they seem to have failed in every aspect. They mocked the former PTI government for having a huge cabinet but ended up forming the largest cabinet in the history of Pakistan.
Today, the country is facing three times higher inflation. They criticized the International Monetary Fund (IMF) agreement and our worthy finance minister, who was portrayed as having magical powers to fix the economy, has only worsened the situation. His harsh words compelled the IMF to harden its stance. He keeps claiming that a staff-level agreement has been reached but the IMF keeps adding new conditions. Both the prime minister and the foreign minister have visited many friendly countries to request help, but all the countries have made their assistance conditional upon an IMF loan.
The government must realise that only economically strong and politically stable countries can undertake independent policies and get away with them. For instance, India can buy cheap oil from Russia and maintain ties with the US too. This form of liberty will never be extended to a country that is begging for IMF assistance while the local politicians are at loggerheads with each other. If we need money from IMF, we must fall in line with the desires of the US and the West. This means no cheap oil from Russia and electricity and gas from Iran. Strengthening the economy will take time but creating political stability is the least our leaders can do. They must get out of vindictive and self-centred mindsets and agree on certain core principles for consistent long-term economic policies and political stability. Otherwise, we’ll only drift towards irreversible economic collapse.
Raja Shafaatullah
Islamabad
Published in The Express Tribune, March 22nd, 2023.
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