AS the International Monetary Fund (IMF) green signalled the latest package for Pakistan paving the way for immediate disbursal of $1.2 billion and the remaining $1.8 billion in two equal instalments, Prime Minister Shehbaz Sharif announced that the term of the incumbent Government will expire on August 14 and the Election Commission of Pakistan (ECP) will decide the exact election date. Addressing the launching ceremony of Rs 14 billion Pakistan Education Endowment Fund and reforms in national curriculum on Wednesday, he said the deal with the global lender was not a matter of pride but an alarming situation as to why we continue asking our friends and financial institutions to help the country avoid a default.
The announcement of the Prime Minister has cleared the uncertainty surrounding the timing of the next general election in the backdrop of rumours of a possible extension of one year to the tenure of the present assemblies. Now depending on the date of dissolution of the National Assembly, the Election Commission will decide whether to hold elections in October or November, based on two constitutional scenarios. The very fact that a government whose tenure is terminating within a month made frantic efforts to finalize a tough and rough deal with the IMF is reflective of the sincerity of the rulers to the core causes of the country. What the incumbent Government did was in sharp contrast to the strategy adopted by the previous government of PTI which flouted an accord with the IMF sensing that the power was slipping out of its hands due to the no-confidence motion tabled by the combined opposition. That act of the PTI Government was equalled to laying of land-mines for the next government and developments of the last one year confirmed this widely-held perception as the IMF renewed deal with Pakistan after prior implementation of almost all conditions. There is no denying the fact that accumulation of debt is not an occasion to celebrate but it is also reality that the IMF deal assumed significance as it had implications and connotations for the overall economy and restoration of trust of investors and creditors. One, therefore, must give credit to PM Shehbaz Sharif-led Government for sacrificing its political capital for the sake of the economy and reputation of the country. This difference in governance is reflective of the commitment of the PML(N) to reform the economy as part of the efforts to help the country stand on its own feet. We hope all future governments will continue their journey on the path of self-reliance and reducing dependence on foreign loans.
