It is that period of the time
when the people are really uncertain about whether the government will survive
of this upcoming Economic crunch that is going to bring unbeatable price hike
or not?
The people want economic relief,
as they are not interested in the game of counter blames of politicians. Can
this debacle be averted? The entire society is worried about the deteriorating
economic situation and rule of law.
The Chief Justice of Pakistan
gave a very meaningful statement, which had a built-in light warning to the
Parliament as under:
“It is unfortunate that
parliament has not been paying attention to legislative matters. Up till now,
we have already sent 70 reports to parliament and the law ministry. Provision
of justice is not just the judiciary’s job — the legislature has to do its
part,”
I as a legislator myself feel that our Parliament is failing to bring an updated legislation to meet the changing requirements and we are following the same old laws which were made to rule us. We now need to reform our laws to come up to the expectations of the nation by giving the country a proper criminal justice system to ensure the rule of law.
The selected application of laws
has created polarization within the society. The elite class considers itself
above the law as they think that they can beat the entire criminal justice
processes and the nation has witnessed this happening. Here in this country,
the law acts and takes its course as per the worth of the accused. People come
in power and still remain powerless as power of rule of law rests somewhere
else.
The governments are not run as
per the law or mandate but it runs as per the desires of an individual.
Presently the government is passing through the confused and almost powerless
situation where it has failed to contain the fast deteriorating situation.
The fall of Pak rupees against US
dollar, decrease in growth rate, sharp rise of inflation has negatively
impacted on our growth in almost every sector. It is estimated that
construction development sector will have to increase the prices of the houses
up to minimum 20 per cent with already risen inflation rate.
Power sector will further demand
to increase the prices with steep rise of the dollar.
I am sorry to point out that if
with the fall of only one rupee our debt could rise by $ 1 billion then
automatically the fall of Rs. 20 to dollar must have increased our debt by $20
billion. IMF has already played a trick
with our Economic team right under the nose of the PM by putting its condition
of getting Pak currency down before actually giving firm commitment. It is
unfortunate that the confused government team is yet running after the
colourful and deceptive lollipop by IMF. It is treating the Pak Economic team
like a child by handling it with daily changing non-doable demands. Now IMF has
linked the IMF loan with FATF and it may back out on the pretext of any likely
worst decision against Pakistan.
Now keeping in view the
reservations of President Donald Trump regarding CPEC, one belt one road project
and questions of IMF on CPEC loan repayments by Pakistan we can rightly guess
their intentions.
Let us hope that Pakistan gets this loan from IMF and God-forbid if IMF declines this tranche then what alternate do we have as the Middle East’s well-advertised financial package has not worked to meet with the tall claims of the government.
We as a nation are inching slowly
towards bankruptcy as the government will be forced to further devalue the
Rupee and further printing of currency will increase the burden on a common
man.
PTI government’s favourite
exercise of putting “price hike” into 3rd gear will adversely affect the common
man. It was rightly stated that the common will cry with agony and the cries of
common might echo collectively in the entire country. Eventually, the
government may not be able to counter this collective hungry public, which may
engulf the government.
The government must now be wise
enough to take the Parliament into confidence and come up with some collective
Economic Strategy to give relief to the common man before it is too late.
Since the biggest problem of our
country is the rule of law as such the government must learn to deal adequately
with the endangering situation of law and order. When in the past, if the
strong government of Ayub khan could fall consequent to a tiny issue of
increase in sugar price then how can this fragile government expects to survive
of the many crisis it has created in every sector of economy including energy
sector, petroleum sector, real estate development sector as well as the basic
amenities of life due to the incompetency of the every department of the
government.
The wheelers & dealers of
this government need to halt this fast moving Economic Tsunami before it
engulfs the government and the whole system.
We as a nation are inching slowly
towards bankruptcy as the government will be forced to further devalue the
Rupee and further printing of currency will increase the burden on a common
man.
The article was published in “THE NATION” on April 16, 2019 and the
link to the original article: https://nation.com.pk/16-Apr-2019/will-the-economic-tsunami-engulf-the-government
No comments:
Post a Comment