CONFUSION surrounding timely elections due to census issue notwithstanding, engagements of Prime Minister Shehbaz Sharif these days can be equated with farewell activities as the constitutional term of the Government is expiring within days. On Wednesday, he hosted a dinner in honour of the services chiefs where he eulogized their services for the cause of defence and security as well as their input to his Government to help overcome the daunting challenges. The Prime Minister is also having hectic consultations and meetings with the leadership of the coalition parties and the law-makers expressing gratitude to them for their cooperation in successfully completing the remaining tenure of the assembly in the aftermath of vote of no-confidence against the former Prime Minister.
Unfortunately, the 16-month performance of Prime Minister Shehbaz Sharif, which, otherwise, can be regarded as unmatched, is not being viewed dispassionately because of the dominant factor of inflation that affected the masses badly. Despite limited time at its disposal and inheriting crippling challenges, the Government tried its level best to provide relief to different segments of the society and the measures announced in the budget for the current financial year bear testimony to the sincere efforts of the Government towards this end. However, the hands of the coalition Government were firmly tied due to financial and economic woes that forced it to accept harsh conditions of the International Monetary Fund (IMF) to ensure external inflows. It is because of the constraint to honour international commitments that the Government made unpleasant decisions of hiking prices of petroleum products and the electricity tariff at the fag end of its tenure, a move that required courage because of its ramifications for the coming general elections. Leaving aside the price hike, Shehbaz Sharif-led coalition Government delivered successfully on various fronts and it would leave behind a proud legacy of putting the country on the path of economic stability. The most important achievement of the Government was to avert the feared default that was widely expected because of non-serious and irresponsible actions of the PTI Government. The duration of the uncertainty on this account extended due to delay in the finalization of the IMF programme (as the Government was reluctant to meet conditions that were seen as adding to the burden of the masses) but the default was avoided due to the prudent policies adopted by the Government especially a ban on non-essential imports. The civil and military authorities worked in unison to repair damaged ties with some friendly countries and as a result the country received much-needed and timely financial support from these countries, which was also one of the major factors in avoiding a default. It was also because of the far-sighted policies of the Government that the country witnessed 85% decline in current account deficit, primary deficit came down by Rs. 112 billion and trade deficit shrank by 38.3%. No doubt, the IMF programme was a bitter pill but an accord with the multilateral institution helped boost falling foreign exchange reserves of the country, which now stand at a somewhat comfortable level of $14 billion, a remarkable feat in the backdrop of repeated forecasts of imminent default throughout the year. Irrespective of who comes into power after the general election, the outgoing Government would be remembered not just for short-term gains to overcome economic and financial difficulties but also for laying firm foundations for medium and long term economic stability. The newly created Special Investment Facilitation Council (SIFC) has started working on a war-footing to attract foreign investment in different sectors of the national economy and it has a target of $100 billion investment during the next three years. At the same time, the leadership is engaged with China to regain the lost momentum of the China-Pakistan Economic Corridor (CPEC) which is now entering its second phase with focus on agriculture, industry and technology. Despite financial constraints, the Government allocated Rs.1150 billion for the development budget and its proper and fuller utilization would surely spur economic activities in the length and breadth of the country. The last fiscal year witnessed a slowdown in economic activities because of curbs on imports and other issues but despite all this the Federal Board of Revenue (FBR) deserves appreciation for achieving 16.6% growth in tax collection. Neutral observers agree that all these successes were achieved because of the dynamic leadership of the Prime Minister, who is known for his hard-work and speed.
