The recent IMF Standby Agreement of $3 Billion is the 23rd bailout package, dating back to 1958. It is evident that without significant structural reforms, our country will remain trapped in an economic quagmire. I am in my 70s and have heard promises of this being the last bailout numerous times, only to witness populist measures and continued abuse of power. For a country facing an existential economic threat, it cannot afford an elite, whether paid or elected, living ostentatious lifestyles while the budget deficit and debts soar.
Pakistan needs a finance minister akin to Dr. Manmohan Singh who understands ground realities and lacks any baggage from international financial institutions. Like him, we require someone with unquestionable credibility, simplicity, and no foreign assets or conflicts of interest. The political will to undertake major structural reforms in agriculture, industrialization, and more rather than succumb to populist demands is crucial. India’s success in establishing institutions like the Indian Institutes of Technology with American assistance shows the value of political foresight and determination.
Instead of breaking free from the ills of the British Raj as envisioned by Quaid-e-Azam, we perpetuated its legacy of corruption and nepotism. Pakistan must follow India’s lead in adopting austerity measures, strengthening internal revenue systems through direct taxation, and preventing capital flight and brain drain. To achieve a democratic welfare state, we need to prioritise education, healthcare, and land reforms while privatising nonviable state-owned enterprises to lessen the burden on the exchequer.
In essence, merit should be the sole criterion for state employment, and agriculture land must be leased to those who genuinely till it, with ownership only granted if yield targets are met. Let us strive to fulfil the vision of our founding fathers and build a prosperous Pakistan.
MALIK TARIQ ALI,
Lahore.