Pakistan: Financial turmoil brews political chaos and hangs political bigwigs in Limbo
Asad Nawaz Jamali
When politics for egoistic nature is played, it gets its roll back to the streets. From defiant crowds and roaring opposition to spirited sloganeering and frenzied mobs, from mammoth rallies and charged speakers to music and honking in the territory of the capital city, the dancing the chanting; the impromptu speeches; the rain of rose petals, and the crush of thousands thronging arenas lit with big lights; all are fanning the flames of economic cataclysm.
Simultaneously, the currency of Pakistan continued its month-long run of devaluation, the currency has now hit a new record low of rupees probably 200 per dollar. Though office holding PM is not ready to swallow the bitter pill, the price rise has become a core concern of financial crisis carried out by political confrontation.
Similarly, Pakistan’s economy can now be geared by an IMF bailout and aid-friendly nations including KSA.
It will wholly solely be baffling for the current coalition government to follow the SAP (Structural Adjustment Programmes) given by IMF to recover the crumbling economy of Pakistan. Albeit intentionally, something is itched with the national security of Pakistan because the literacy ratio of the country is probably 60%; 25 million children are raged out of school; cities and towns are inundated with chanting beggars; per capita income is a mere $1,500; GDP has come down to $264 billion; exports are a meagre $25 billion; foreign exchange reserves held by the central bank are just $17 billion while the public debt has ballooned to Rs50 trillion which will lead Pakistan into uncharted water.
Pakistan cannot progress by just exporting textile, vegetables, fruits, and raw materials. One cannot expect any betterment when the country’s national security is formulated by those who have nothing to do with the ground realities of the country and operate from their comfort zones.
Currently, Pakistan needs to ensure a better future for its population of 220 million.
On the next elb, political polarization is turning Pakistan’s economy towards a disastrous position that will eventually bring political instability to reshape Pakistan in economic limbo. Not only the outset PM and his party is throwing curses and turning deficits on the coalition government, but also they are subjected to renew the intensity on the establishment to get the control back. Ironically, the history of mysteries remains simmering until and unless the curved waves of removing subsidies on luxuries lifestyle and extreme protocol of bureaucrats, politicians, and elitist bigwigs, are taken. They must be raged out if the government is sincere with the economic crisis being faced by Pakistan.
Consequently, to achieve political and economic stability, the government must ensure taxpayers, resume the industrial and agricultural growth with an open arm mindset.
Economic development must be the main priority of the government to increase GDP via industrial and agricultural booming.
All political parties merge their apprehending towards economic up leashing or else, the country will continuously face crumbling circumstances.