Remember the old mantra?

Not much is known about measures being contemplated by the government to avoid the impending economic disaster. Now that the philosophy of laissez faire and unrestrained import regime is no longer viable, we would be inviting an economic implosion if we continue to allow the powerful mafia of profit-seekers to cut through the very economic fabric of country. A regulatory system per se has to be enforced on top priority basis to ensure judicious use of the available resources. I would suggest immediate re-imposition of import trade control and revival of the offices of chief controller of imports and exports and its provincial offices. The State Bank of Pakistan should be asked to issue a directive to the banking sector to hold in abeyance processing all requests for opening of letters of credit.

This may sound somewhat archaic but there is no other way out of this cul-de-sac. Fortunately, we have the expertise and experience to implement such a regulatory system. A high-powered secretary's level committee can oversee the smooth implementation of the system. CBR, the Industries & Commerce ministries have access to reliable information to ensure success of this regulatory mechanism. The system would ensure that a) unnecessary luxury goods imports are eliminated b) the industrial sectors capacity utilization is fully mobilised. c) the industrial sectors languishing under the impact of unrestricted imports are back in business. d) revival of the sick units to boost the economy. -ARSHAD MOBEEN ANWARI, Lahore, via e-mail, October 29.