Is the Government Heading in the Right Direction?

There is no denying the fact that the present government has inherited a troubled economy owing to the deeds of the accused leaders Zardari and Sharif. However, despite having the sincere desire of making Pakistan an ideal country Imran Khan’s government has attracted severe criticism.  Many financial experts are criticizing the government for merely not heeding to any prudent advice and therefore making the situation even worse.  On the contrary one opinion suggests that current government needs time to fulfill its economic agenda therefore it must be given the opportunity to do so. The government is being criticized for merely three aspects of its economic agenda turning to the IMF, free float of dollar and the amnesty scheme.  It is obviously true that before coming to power PTI‘s leadership was against the idea of seeking IMF’s support.  According to experts turning to IMF is probably one of the biggest mistakes on the part of the present government.  The government should have realized that the IMF trap is designed to strangle the third world economies.  Therefore setting-up a commission to audit the legitimate debt following the example of Ecuador would have been a better option. However, the government without giving heed to good advice has passed a financial budget which according to some experts is fully in compliance with the IMF package.   Today the PTI government is being criticized by all quarters for high inflation, free floating dollar and for lacking a clear economic agenda.  Dwelling on the saying when in Rome do as the Romans do PM Imran Khan has not only negotiated with the IMF but also has introduced an amnesty scheme.  One opinion suggests that current budget fulfilling the IMF agenda is part of the new great game to destabilize Pakistan. This might appear an exaggerated assumption but it is feared that the current economic instability can easily be used to create political instability.   Regime security has always been of paramount importance for the ruling elite.  Therefore experts contend that the government in order to strengthen its regime has not levied any substantial agricultural taxes to include large land holders in the tax circle.  Pakistan’s 90% agricultural land belongs to 1% people who are either in the government or opposition.  Therefore some experts believe that the government has deliberately excluded large land owners from the tax circle to gain their support.  Moreover, sugar mill owners have been facilitated by increasing the price of sugar which is contrary to PTI’s vision of a New Pakistan.  The government is also being criticized for introducing an amnesty scheme considering the fact that Imran Khan once disdained amnesty schemes for facilitating thugs and robbers.  Considering the fact that PM Imran Khan had declared his flat in London owing to Musharraf’s amnesty let us hope that this amnesty scheme will be useful.  Some experts believe that since four amnesty schemes by the previous government could not gain much therefore one cannot guarantee how good this scheme will work.  It is obviously true that the common man now has to carry most of the economic pressure resulting from high inflation and mismanagement.  Therefore some experts criticize the PTI government for previously only focusing on sit in protests rather than figuring out an economic plan.  It is true that the present government is not solely responsible for the current economic crisis. However, the government by not acting wisely has accumulated loans of 5000 billion in the past 10 months.   The present government despite having a sincere vision for the economy is certainly in a situation similar to that of Icarus in Greek mythology. Icarus the son of master craftsman Daedalus attempted to escape from Crete by means of wings made by feathers and wax constructed by his father.  Daedalus had warned Icarus not to fly too close to the sun or too close to the sea but to follow his path of flight.  However, Icarus not only flew close to the sun melting the wax but also flapped his wings losing feathers.  Similarly the present government also needs to a have a clear path somewhere between solely adhering to the IMF and just making tall claims.

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