Default on Hold!

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The truth is rarely pure and never simple. — Oscar Wilde

As the Shehbaz Sharif government celebrates its first year in power, the air is filled with grand claims of saving Pakistan from default and stabilising the macroeconomic indicators. But beneath the surface of these assertions lies a bitter and twisted reality, one that warrants a closer examination.

The government's boasts about avoiding default are, at the least, misleading. The fact remains that Pakistan's economic stability is largely contingent upon the benevolence of international lenders, particularly the IMF. Had the Washington-based lender not extended its loan facility, Pakistan would likely have defaulted.

It is crucial to recognise that Pakistan's economic stability relies heavily on external support, rather than attributing it to a change in managing the economy efficiently. Furthermore, the slowdown in hyperinflation can be attributed more to keeping the dollar-rupee parity under control and not allowing the free flight of USD from the country.

Somebody can surely claim a pat on the back for stemming the tide of economic instability for the time being. However, this temporary respite does little to address the underlying structural issues plaguing Pakistan's economy.

But what is even more galling is the government's decision to splurge on a massive propaganda campaign to tout its economic achievements. In a country where millions struggle to make ends meet, where poverty and hunger are rampant, it is nothing short of obscene to spend such vast sums on self-congratulatory ads.

This money could have been better spent on vital public services, such as healthcare, education and infrastructure development, or on supporting small businesses and entrepreneurship. Instead, it is being squandered on a deceptive narrative that does little to address the real challenges facing Pakistan.

The government's advertising blitz is a classic case of putting lipstick on a pig. It may look pretty on the surface, but beneath the gloss lies a fundamentally flawed economic strategy. Rather than confronting the hard truths about Pakistan's economic woes, the government is opting for a superficial solution that will only serve to paper over the cracks.

The crux of the problem lies in Pakistan's inability to diversify its exports and reduce its reliance on imported raw materials. Until this fundamental issue is addressed, Pakistan will continue to teeter on the brink of default, perpetually beholden to the whims of international lenders.

The government's failure to tackle this issue head-on is a glaring omission, one that will continue to haunt Pakistan's economy for years to come - always finding itself inches away from impending default.

In addition, the government's economic policies have done little to address the issue of wealth disparity, which continues to hurt the poor majority in Pakistan. The rich are getting richer, while the poor are struggling to even survive. This is a recipe for social unrest, and the government would do well to take heed.

The government's claims of economic salvation are little more than a mirage. Rather than relying on clever marketing and spin doctoring, the government would do well to focus on implementing substantive economic reforms that address the root causes of Pakistan's economic woes. Only then can Pakistan hope to break free from the cycle of debt and default that has held it hostage for far too long.

I am thoroughly disillusioned with listening to Shehbaz Sharif's oft-repeated qitah, the last line of which means: Oh! soil of the homeland, let me rub my heels as I know the spring will sprout from here. Mr Prime Minister, the entire nation is rubbing their heels and hands, day and night, in utter frustration, but not even brackish water has burst out.

For the time being, this verse by Ghalib truly reflects the sentiments of the masses:

Hain kawakib kutch nazar aatay hain kutch,

Dete hain dhoka ye baazi gar khula