The prime instrument used by Pakistani rulers to describe health of economy is providing deceptive twisted figures.
Irrespective whosoever came in power, Pakistan Peoples’ Party (PPP), Pakistan Muslim League-Nawaz (PML-N), Pakistan Muslim League-Qauid e Azam (PML-Q) and now the current ruling elite under the banner of Pakistan Tehreek e Insaaf, they all resorted to this readily available instrument.
Deception methods they all used included;
Hide the facts about economy and push reality under the carpet.
Encourage artificial economic growth in select segments, irrespective of their importance for the economy.
Take temporary measures to misguide poor masses.
And, coat the black portion of the economic structure with a white tone and insist it has been converted white through the visionary steps taken by the sitting government.
Gross Domestic Product (GDP) growth prior to this government and even till mid 2019 was said to be about 5.6 percent. It shrunk to 2.3 percent after that. A quantum of dollars pumped in by UAE, Saudi Arabia and China initially provided some energy to our economy, yet it turned out to be insufficient to support it stand on its foot.
As a result the proud head of the regime had to bow before the so called most disliked, international money lender- International Monetary Fund (IMF) to rescue abysmal state of economy with lifesaving injection.
IMF, with chest out, head up and a taunting smile walked in to the disgrace of the shameless rulers and started dictating its terms and conditions.
A country of around 222 million people subdued to the wealth controlling giant once again as usual. What all the sitting rulers had been chanting in election campaign proved merely political rhetorics and nothing more.
The dilemma is more serious in intensity than one can actually imagine. The measures claimed to have been taken by the present government so far are inefficient and ineffective. The root cause remains the grip of a set of scoundrels over the economy, the ones who want the rulers serve their purpose and always form part of legislature to command and dictate their terms.
These are the people who enjoy actual control and have the power to clutch the puppets sitting in the cabinet to formulate and openly display twisted economic figures in order to misguide and pacify the poor masses.
All the sitting governments regardless their political affiliations have been in habit to formulate fictitious figures and propagate such twisted figures for the consumption of annoyed masses to pacify them.
The same tactic is being followed by the current regime. Recall Ishaq Dar, the previous finance minister, appearing on Television every few months with a bundle of self-architected figures on papers to claim successful, creditable and poor friendly policies of PML-N government.
Once he claimed his government has reduced the circular debt to zero, and the issue is resolved permanently.
The State Bank of Pakistan was instructed to print additional currency notes to lend to the government. The amount was put into pockets close associates of then regime in the name of circular debt payments. The deceptive measure rendered nothing but more inflation.
At the same time, since it was mere a cosmetic measure, the thorn of circular debt again developed pinching even more severely.
Similarly, he promised at least four times, that government was going back to IMF for the last time and the shameful act won’t be repeated. That dream didn’t come true.
Exactly the same manner, the present government’s advisors and ministers come on media and shamelessly quote figures against the facts, such as; fiscal deficit has been reduced to it’s one forth and would be eliminated in next 8 months, the circular debt has been paid back, price hike is going to revert, and no more depreciation of rupee against dollar.
But actually these are once again temporary measures. Few reasons behind what I just said are:
- i) No homework or any visible future plan has been chalked out to resolve the energy crisis for the industry, nor have any measures been taken to reduce cost of production cost, and steps taken to encourage exports.
- ii) No measures have been taken to set-up new industrial units except only relying upon the CPEC. I don’t know for how long China would nurture the stupid baby- Pakistani ruling elite.
iii) No change, whatsoever, is on the canvas so far, as was promised prior to elections for a future hope.
- iv) Long prevailing culture of political interference in the key institutions has taken even stronger roots under the current Imran Khan led PTI regime rather than diminishing.
Iv) The practice ignoring poor masses, except when they have to vote, continues today, rather it has increased further.
In short there is a haze under the vivid blue sky, yet to take us by surprise and deception.
Also Read: Another misdirected effort by government
