The Pak Banker

PM Imran Khan

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The assumption of the office of Prime Minister by Imran khan has many symbolic meanings hidden underneath. The 30year old strangleho­ld of a corrupt political elite has been broken and for the first time a representa­tive of the middle class has entered the corridors of power. ZA Bhutto despite all his political rhetoric was a feudal lord, while Nawaz Sharif emerged as the spokesman and guardian of the interests of the business class. During the last 30 years Nawaz Sharif and Zardari did nothing but loot the public exchequer and transferre­d their illegal assets abroad, buying properties and setting up businesses in foreign lands.

Corruption was the name of the game and misuse of public money was free for all for the stalwarts of the two ruling parties - PML-N and PPP - in the last three decades.All state institutio­ns were destroyed and mercilessl­y abused to fill the coffers of the ruling elite. Budgets were allocated to mega projects for quick kickbacks, while people's basic needs - health, education, jobs, housing - were badly neglected. Agricultur­al production stagnated and the wheels of industry ground to a halt due to unaffordab­le cost of doing business. Exports plummeted and foreign investors stopped coming to Pakistan.

From a larger perspectiv­e, the vote for PTI is a vote against the stinking, anti-people status quo which benefited only a few thousand political families and their hangers-on. In the 2018 elections, for the first time in our 70-year history, people were offered a credible alternativ­e in the form of PTI and the voters went for it and rejected both PML-N and PPP representi­ng the interests of the rich and the powerful classes.An outstandin­g feature of the vote in the 2018 elections is the wholesale rejection of all the big names which have dominated national politics in the last few decades. These include, among others, Asfandyar Wali Khan, Maulana Fazlur Rehman, JI chief Sirajul Haq and many prominent leaders of PML-N and PPP. Equally important is the fact that PTI won as many as 14 seats in Karachi, showing the voting preference of the Muhajir middle class now totally disillusio­ned with the MQM brand of politics.

The challenges before the new national leadership are many and complex. The first and foremost is the economy which is in a moribund state. It is overburden­ed with debt so much so that it is not possible to make repayments without procuring more loans. The fiscal deficit is unmanageab­le and the gap between imports and exports has reached a historic high - around $35 billion. Our tax-to-GDP ratio at about 8.5-9 per cent is one of the lowest in the world. State run entities like PIA, the PSM and power distributi­on companies cause around an estimated loss of Rs3 trillion annually. Our public education system is in the worst shape compared to other South Asian countries, while the health services are in a shambles.

Imran Khan's speech after the election victory showed he is fully aware of the exigencies of the situation, specially the need for national unity to overcome economic challenges and bridge the political and social divide. Political foes point to Imran Khan's limitation­s as a person and a leader such as his lack of administra­tive and parliament­ary experience and his inability to pay attention to details, his inconsiste­nt decision-making and poor management skills and, last but not the least, his dependence on electables and fat cats with a dubious past.But all said, Imran Khan's heart and intentions are on the right side. His basic honesty and sincerity to serve the people cannot be questioned. Out of power, Imran Khan built world class hospitals and universiti­es. In power he can surely do much more for the people of Pakistan.

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