Political instability may harm economy

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THERE are indications that prevailing political crisis can derail economic gains that incumbent government was about to achieve as a result of bold and bitter economic policies of last four years. This was evident from continued slide in KSE-100 index as the market, during last week, saw one of the worst sessions since 2009 when the index hit its calendar year low at 43,043 points.
The political volatility would surely dissuade investors from investing in Pakistan, as part from security environment there is now political instability and confusion about future economic direction of the country. Developmental activities and foreign investment is now focused merely on China-Pakistan Economic Corridor (CPEC) but its ultimate fate also hangs in balance in the face of conspiracies being hatched by foreign elements and forces to create hurdles in its smooth implementation. Army Chief Gen Qamar Javed Bajwa recently expressed his resolve to provide necessary security to ensure implementation of the historic initiative that has the potential to change fate of the nation but remarks of Chairman Joint Chiefs of Staff Committee Gen Zubair Mahmood Hayat who spoke at length about threat from RAW and other hostile intelligence agencies, which are operating from Afghanistan and other locations to create unrest in Pakistan in general and Balochistan in particular, and their designs to sabotage the CPEC. India backed by some foreign powers, is trying to derail the project by funding and arming saboteurs. There are legitimate concerns by patriotic people that this is all part of grand design to deprive Pakistan of economic and strategic benefits of CPEC as its fuller and timely completion would make Pakistan strong socially and economically, pushing it away from the course of beggary for running its economy. PML (N) is also seeing foreign conspiracy behind Panama Papers and Maulana Fazlur Rehman too has spoken by observing that process is not aimed at accountability but getting rid of the Prime Minister and his family. PTI is also seeking disqualification of Shahbaz Sharif so that there is no central leadership to keep the PML (N) intact. All political forces should review their strategy and instead of mud slinging should join hands to create political serenity in the country. For this to happen all political parties in Parliament should work out a strategy to immediately form an independent and strong accountability institution, headed by a person of impeccable credentials, to carry out across the board accountability to minimise corruption. As British politician Edmund Burke rightly said ‘Among a people generally corrupt, liberty cannot long exist’.