FOR various reasons, the one and a half years performance of PTI government is severely criticized by many including its political opponents but the fact of the matter is that the fiscal discipline it demonstrated has now started showing some positive results. This is the reason that all the leading world institutions are appreciating the government’s economic performance.
International Monetary Fund (IMF) in its recent report has said that Pakistan’s general government debt including guarantees and the IMF borrowing declined to 84.7% of GDP, from 88% during the first five months of current fiscal year. The world lender acknowledges that this decline in debt was driven by the government’s smart performance in reducing expenditure, registering primary budget surplus and increasing tax and non-tax revenues during the current fiscal year. Indeed ever since assuming office, the present government has taken very difficult and unpopular decisions to save the country from default. Credit really goes to the government’s economic team which had to work in difficult circumstances to bring back the much-needed economic stability which indeed will restore the confidence of investors to invest in different sectors of the economy. As the situation stands much improved now, the government now needs to fully focus on sustainable and inclusive growth by enhancing expenditure for the development projects. It is time to look and think beyond reducing deficits. Development projects must immediately be started in different sectors especially the mega housing program envisioned by PTI must be fast tracked as it will trigger an economic activity and provide job opportunities to the youth. It is also important that the government keeps the political atmosphere under control and extend maximum possible relief to the people by checking the price hike, reducing utility bills by checking the pilferage and fulfilling the promise of bringing much needed reforms in public sector departments. Satisfying the people with its performance and ensuring that it enjoys their confidence is the only course through which the government can move forward on its development and reforms agenda.
