Bailout economic packages

The PTI government, like its predecessors, is trying to overcome economic crisis by seeking bailout packages from friendly countries and international financial institutions. Such bailout packages can only buy us time and are not the solution. For the past several decades almost 18 such bailouts have been sought and like spoiled children of rich parents we have wasted all these opportunities by living beyond our means. No effort has been made to increase revenues through imposing direct income tax on all sources of income or boost our exports and cut back on imports.
Instead of making efforts to increase agriculture produce by adopting latest technology and investment in research to feed ever-increasing population, state institutions and powerful vested interests are themselves involved in converting green agriculture producing belts on periphery of every major city into concrete jungles. Bureaucratic red tapism, culture of commissions and corruption has become an impediment for foreign and local investment. If entrepreneurs of Sialkot can produce quality sport goods, surgical instruments and cutlery etc for export, the same could have been done by our textile industry and others. All that is needed is concerted effort by professional regulating agencies manned with specialists in relevant fields instead of civil bureaucrats trained to serve as administrators.
There was a time when Pakistan used to export quality electrical fans, which is no longer the situation. We are perhaps amongst few countries which offer liberal capacity payment to private power producers and LNG suppliers even for those days when ships transporting liquefied gas are in transit. Our electricity distribution system has collapsed. Loopholes in 1992 Economic Reforms continue to facilitate transfer of almost $15 billion annually out of Pakistan.
MALIK TARIQ
Lahore

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