As the mandate of current government is closing to an end, the country still stands on the crossroad where the previous government had left it in 2013. During the period, the foreign exchange reserves were maintained on borrowed money, exports slipped to the lowest ebb and the economy not only remained in dire strain but oscillated between hope and despair. The biggest failure of the Pakistan Muslim League-Nawaz government is not the economic disaster, but mismanagement and administrative failure. The economy gradually went down, rupee devaluated and import of luxury items increased. Despite tall claims by the officials, every state institution is drenched in corruption and occupied by incapable policymakers. The government lost every opportunity to extricate the country out of the economic mess despite achieving Generalised Scheme of Preferences from the European Union, Chinese investment and regional stability. The policymakers could not remove the hindrances in the way of development whether it was corruption, lack of reforms or incapacity of the leadership to accept the challenges of the new world economic order. The country is being run on ad hoc basis without serious understanding of the issues and there is a long way to go to achieve the cherished goal of prosperity.
As the general elections are near, the three major political parties must induct financial managers, economy experts and technocrats in their ranks to do homework before reaching the corridors of power. The world is changing fast and the beloved politicians still live in the past and cannot see beyond their vested interests. The country has been mortgaged to foreign lending agencies and warlike industrial plans are required to rid the nation of the piling up loans. Reports suggest the volume of loans will cross the figure of $100 billion during the next financial year and debt servicing will appear as a major task. The PML-N took loans without considering the consequences and if it comes to power again, it will have to reap what it sowed during the last five years. There should be zero tolerance for bad governance and a system is required to ensure good governance. It is the task which cannot be done merely by issuing statements but merit should be the criteria of appointments. It is a good omen that the economy of Pakistan is resilient and its GDP is growing at a comfortable rate despite all odds. It is hoped the current government, at the closing months of its tenure, will set an example of transparency and will achieve much needed macroeconomic stability.
