AS the government is frantically implementing a series of reforms with varying degrees of success, prominent economists and experts of different fields have emphasized the need for political stability to achieve the desired results. Taking part in a television debate, they analyzed the prevailing situation dispassionately and suggested a wide range of strategies to address the challenges facing the country.
Pakistan definitely has the potential and ability to overcome its economic and financial difficulties but the successive governments failed to do so mainly because of political instability. A number of initiatives of far-reaching importance were launched by different governments in the past but most of them could not be implemented in letter and spirit either because of weakness of the then governments and leg-pulling of the opposition or due to lack of due interest by their successors. There is universal consensus that the country needs some fundamental reforms to bring the economy back on track and this requires a patriotic understanding of the ground realities and all-round support by all political parties and power players. The tendency of criticizing policies just for the sake of opposition is suicidal and therefore, calls for unity and consensus made by experts must be heeded by all concerned. Their concerns about increased burden on the salaried class and the corporate sector must also be addressed satisfactorily as, we have been pointing out repeatedly, more and more companies are shifting their headquarters to neighbouring Gulf countries in the face of excessive taxation. Rising energy costs have been described as the major issue, responsible for 70% of economic problems hindering the growth and therefore, an acceptable and satisfactory solution should be found instead of a reckless policy of hiking tariff to cover up inefficiency, theft, corruption and favouritism to IPPs. A squeeze on development spending means non-resolution of problems of the local communities besides compounding unemployment issue. This is a delicate situation, which cannot wait for materialization of the notional concept of executing development projects through public-private partnership which has many ifs and buts.
