According to newspaper reports, a team of Pakistani officials is holding negotiations with the International Monetary Fund in Dubai.The two sides are reviewing reforms introduced by the government in different sectors of the economy, especially in the energy sector. The government has briefed the IMF management on the current status of the privatization programme in line with the advice from the donor agency to sell loss making organizations in the public sector. Pakistan has successfully completed a three-year extended facility programme of around $6 billion loan. It is a matter of concern that the government is negotiating modalities to obtain further loans from various international financial organizations without making its own house in order. The financial mismanagement is on the peak and the development projects, which are started with marvelous enthusiasm, are either deliberately delayed or suspended during the course of time, causing billions of dollars losses to the national exchequer. The unfortunate part of the situation is that, no one has ever been held responsible for the loss of the national wealth. The institutions, which are set up to control corruption, have themselves absorbed in corrupt practices.
At least 200 million people are living in Pakistan but the IMF team insisted to hold talks in Dubai, putting extra burden on the taxpayers’ money. The lives of the IMF officials are not precious than the lives of the ordinary Pakistanis, but the national exchequer is spent in this country without any hesitance. The government is apparently claiming a strict financial discipline to keep the budget deficit within four percent of the gross domestic product during the fiscal year 2016-17, but no austerity measures have been adopted by the government at any levels. The government is ignoring the crucial part of the governance and that is to give a direction to the nation to ensure progress not only in the various sectors of the economy, but also in the fields of education, health and social sectors. The policymakers should now start using their own brains to introduce prudent economic policies and reforms instead of fully relying on the advices of the donor agencies. Unless the government is put on the path of development through policies, the nation will continue to look towards the financial institutions for loans.
The next year is the election year and the final year of the Pakistan Muslim League-Nawaz government to claim success of its five year tenure. It is easy to make verbal claims of development, but it is difficult to show gains in practical form.
