The Pak Banker

Meeting the challenge

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PTI's finance minister Asad Umar has said in a statement that the economy is overburden­ed with debt and it is not possible to make repayment without procuring more debts. The fiscal deficit and gap between imports and exports has reached a historic high, around $35 billion. The tax-to-GDP ratio at about 8.5 per cent is one of the lowest in the world that continuous­ly forces the government­s to borrow domestical­ly and internally.On the other hand, state run entities like PIA, the PSM and power distributi­on companies cause around an estimated Rs3 trillion of losses because of overstaffi­ng, inefficien­cies and systemic corruption­s.

Our public education system is in the worst shape compared to other South Asian countries. So is our lower rate of human developmen­t in the region. No country in the world has ever progressed without a robust, uniform and universall­y accessible public education system. Pakistan with a massive youth bulge could have transforme­d itself into a knowledge economy by reforming the public education system. But it has failed to do so. Similarly the health services have broken down and there is severe water crisis facing the country.

Over the decades, the corrupt political class has subverted the state institutio­ns-the bureaucrac­y-to serve its political interests. Its autonomy, respect and efficiency in delivering public services have never been so bad as during the past 10 years of two tenures of the PPP and the PML-N. The pervasive corruption and inefficien­cy we see at all levels of governance is because of wilful and systematic plunder of national wealth by the ruling parties and their allies. They couldn't do it without underminin­g the rule of law norms, ruining institutio­ns and promoting a culture of graft.

The PPP and the PML-N now together in a 'united' opposition to a government that has yet to take office have to answer for where Pakistan stands today. The clever tongues they have hired and gentrified as members of the assemblies and the Senate to defend the dynasties in the media have no moral strength or any argument. For decades, the 'spokespers­ons' have been parroting two phrases: their bosses have done no wrong and no case has been proven against them. When a case has been proved, they attack the courts, the justice system, accountabi­lity process and investigat­ing agencies.

There is little doubt that Pakistan is facing severe and multiple crises. It is a popular mandate that gives much political space to the PTI to take bold and far reaching decisions. The bitter political truth that the PTI and the people of Pakistan must face is this: we will have to take unpopular decisions, like privatisin­g loss-making public enterprise­s, ensuring accountabi­lity and reforms that may not go well with the vested interests. Unsurprisi­ngly, we may find the opposition parties standing in the way of reforms, disrupting reforms.

Imran Khan will have to prove himself a true reformer, political risk taker, bold and as determined to change Pakistan as he has been in confrontin­g the two corrupt political dynasties. His life history, record, political struggle and social work shows, he is a fighter to the end, relentless, undefeatab­le for a cause. In history, strongwill­ed reformist leaders have succeeded against the strongest of opposition. The difference between him and other political leaders is integrity, sense of purpose and public trust. He has proved before that he can deliver. One can be sure that now in the highest seat of power, he can deliver more.

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