Is our economy really improving?

Prof Rahmat Karim Baig

The economic condition of the country at the time of the general elections held in 2018 was said to be in the lowest stage when the PTI government took over. The stalwarts of the PTI leadership cried at every forum about it and the misfortune that had been inherited by them from the previous government.

They, we had presumed, had got a good team of economists to switch back the deteriorating condition of the national economy. Many of the much publicized and so-called economists failed to cope with the situation and were removed. The threat of economic collapse loomed. Dollar rose to unprecedented level. Exports which had been decreasing continued to decrease. The price hike rose and continued.

Loan from IMF became an imperative which the PTI leadership had been condemning when out of power at the centre. With more loans we had to support the falling economy but in that way we increased the volume of interest on the older and newer loans and became more inundated in the quack mire that we detested just a few months back.

No economy drive was initiated. Government expenditure and fringe benefits were not cut down as it was required. The idea of good governance was nowhere to be seen. The bureaucracy did not like the new rulers for their manifesto and was bent upon creating hitches and hindrances against them. The economic situation did not come under control. Oil import without payment was opted as an alternative to support the worsening situation. The purchasing power of the common man fell inconceivably.

It was an uphill task and with a team of poorly qualified members one cannot win a great war- a war against mafias of the worst type. It should be noted that with old spare parts one cannot build a state of the art machine which needs complex mechanism. The old and out dated spare parts never perform according to the expectations of the builder.

The chief engineer must be well versed in the latest knowhow and must have access to new technology or shall fail and shatter the expectations of the public who cast their votes with the hope that there might be some improvement. The present indicators are not as much satisfactory as the ruling politicians claim and hardly anyone of us believes their claims. The exports have not increased. The land produce has not increased. We have no exportable cotton but still import it. Food items are very expensive.

There is no need to recruit a force of ministers, special assistants, advisors, consultants for a country already groaning under heavy burden of loans, and pay them out of the loans taken from friendly countries as well as IMF. This number has to be reduced. The perks and privileges have to be cut down. Luxury is to be shunned. Economic drive has to be introduced sincerely.

The claim of the Islamic state of Madina cannot be materialized unless the chief executive lives a very simple life and abstain from wasting his time in keeping DOGS in his house where orphans need to be nourished as was done by Hazrat Umer during his night rounds in the alleys of Madina.