Finance: Ineffective measures

It is about time for the government to announce the timeframe for the dissolution of assemblies and notify the date for the next general elections. It’s vital not just for democracy but also for much awaited economic turnaround in Pakistan. The situation is dire currently. Growth, if at all, has reduced to a crawl. The stubborn galloping inflation will not be easy to tame. The fiscal deficit and piling debt repayments are already beyond threatening levels. The capital, commodity, property and currency market volatility has mounted extreme anxieties. The government has managed to dodge the default to date, but the high level of future liabilities and the reluctance of donors mean that the danger of insolvency persists. The piecemeal relief steps for poor and key growth actors within the confines of the International Monetary Fund’s (IMF) stability conditions may fall short. The challenges are too big and complex for any government to handle by itself. It needs the support of bilateral/multilateral development partners and the private sector to sail through choppy waters. The overseas partners have made their help conditional to the International Monetary Fund’s (IMF) clean chit, which the country has been unable to get.