PRIME Minister Shehbaz Sharif has vowed to bring the country out of the prevailing economic crisis saying that all conditions of the International Monetary Fund (IMF) have been met for resumption of the stalled programme. Addressing the parliamentary party meeting of PML(N) on Monday, he said the Government was making efforts to seek help from global financial institutions to tackle economic woes that came after the obstruction of the IMF deal by PTI chief Imran Khan. He also talked about the political stability which is directly linked to the success of the policies and efforts being made by the government to bring the economy back on track, free distribution of wheat flour to about 100 million people and rumours about relations with Israel.
Pakistan is facing an unprecedented economic and financial crisis but credit goes to the coalition government led by Prime Minister Shehbaz Sharif for tackling the tricky situation with due care and as a result there are visible signs of improvement. The current account deficit has narrowed down significantly thanks to the wise policy of the government to stop import of unnecessary items; foreign exchange reserves are steadily going up despite timely payment of foreign debt and there are positive indications about provision of financial assistance from some friendly countries. As Finance Minister Ishaq Dar is scheduled to lead a high-powered delegation to Washington to attend annual meetings of the World Bank and the IMF with possibilities of forward movement on resumption of the Fund deal, a high-profile visit to Saudi Arabia is also due. The planned visit of PML(N) Quaid Mian Nawaz Sharif, Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and JUI(F) leader Maulana Fazlur Rehman assumes greater significance as it would be taking place in the backdrop of reports that the Kingdom was more than willing to help Pakistan tackle the economic crisis. This has also been confirmed by the energetic Ambassador of the KSA to Pakistan Nawaf bin Saeed Al Maliki, who told newsmen on Monday that as before the Kingdom would continue to support Pakistan to bridge over its difficulties. He said relations between the two countries would be taken to new heights and people would hear something good very soon in this regard. It may also be mentioned that our all-seasoned friend – China – has already initiated a programme to bail out Pakistan and it has expressed its willingness to make more huge investment in different sectors of the country’s economy. All this augurs well for the economy and the country and one hopes time is not far off when fruits of the improved conditions would trickle down to the masses, who are groaning under the severe burden of non-stop inflation. There are reasons to agree with the contention of the Prime Minister that the existing difficulties of the country are mainly attributable to the short-sighted decisions of the previous government which initiated programmes in violation of the commitments made with the IMF. It was because of those politically motivated decisions that the Fund suspended aid and dictated additional harsher terms for its resumption. The apprehensions expressed by the PM about continued political instability are also justified as the prospects for improvement can diminish if there was no continuity. Saner voices have rightly been emphasizing the need for evolving consensus on a Charter for Economy but unfortunately all such talks proved to be just lip-service. As for the programme relating to free distribution of wheat flour among deserving families, this has widely been acclaimed by people of Pakistan as it provided them significant relief and that too during Ramadan when prices generally tend to go up. The Government has also jacked up procurement price for wheat which might serve as a major incentive for farmers to grow more but we may point out that the existing crop has badly been affected by repeated hailstorms. This is a major calamity but regrettably it is not getting due attention from the government as media is focused on political and judicial moves and the emerging situation. The gravity and magnitude of the situation demands initiation of loss assessment surveys, especially by the Punjab Government, and a programme for compensation of losses of farmers. The Prime Minister has also done well by ruling out the possibility of any relationship with Israel until the people of Palestine get their due right of a separate homeland. His categorical declaration that Pakistan would not deviate from its principled position of having no ties with Israel until the Palestinians get their legitimate right should put to an end the ongoing debate triggered by trading of goods (with Israel) by an individual.
