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IPA Special

Pakistan’s Economic Collapse Is A Culmination Of Long Neglect

By Sushil Kutty

Flood ravaged, economically bankrupt and politically panned. Pakistan’s Finance Minister Ishaq Dar has found a scapegoat. God Almighty! Dar cut to the chase, saying that because Allah created Pakistan, Allah will have to get Pakistan out of the hole, make it prosper and help it develop.

That is a common belief across the Wagah. That Pakistan’s “prosperity” and “development” is the responsibility of Allah. And to think that Pakistan is largely a country for and of teetotalers. Yet, not everybody is buying into the argument. Ishaq Dar is getting flak for suggesting this.

That being said, Pakistan is in a hole that Pakistan dug. And for Ishaq Dar to leave everything to Allah is inviting both ridicule and opprobrium. Allah cannot be held responsible for man’s follies and fixations. One of which is Pakistan’s permanently indebted state.

Pakistan’s finances are a royal mess. And, historically, Pakistani finance ministers of every political hue have succeeded in micro-mismanaging Pakistan’s economy on a macro-scale. But while holding Allah responsible, Dar and Prime Minister Shehbaz Sharif haven’t forgotten cricketer Imran Khan’s no-balls and wide balls government. Like the wag said, “God toh bahana hai, Imran Khan nishana hai”.

Going by media accounts, Imran Khan is being blamed for all the ills plaguing Pakistan’s economy, and polity. Sharif made the accusations the day after the Pakistani rupee touched a new nadir: Rs 262 for the dollar. Truely, Sharif and Dar are running out of scapegoats.

The economic crisis is only deepening. The discredited government has no economic revival plan. The Prime Minister chose to say that the various development projects in the pipeline are held up because of the PTI government’s mismanagement and Khan’s incompetence.

The truth is, the Government of Pakistan is completely clueless. How things came to such a pass, the government knows. How to get out of the mess is foreign territory for Sharif & Co.

Prime Minister Shehbaz Sharif has of late been joined by the newly-installed Pakistan Army Chief Asim Munir in Saudi Arabia and other countries seeking emergency financial aid.

But things didn’t pan out the way the duo wanted. And Dar had to make up the life-saving riddle “Allah Almighty is responsible for the prosperity and development of Pakistan.”

Sharif is banking on a last minute reprieve from the International Monetary Fund. If the IMF delivers, other lenders would step forward. An IMF team is expected in Pakistan shortly. Pakistan needs urgent bailout. The foreign reserves crisis is dangerously poised.

All that is left is $4 billion which wouldn’t last a month. Imports will come to a shaky standstill. People don’t have “atta” for “roti”. Scarce sacks of wheat flour are being distributed under AK-47 guard. Prices are sky high. Can Allah get the inflation under control?

Right now Civil War conditions exist in Pakistan. Politically also Pakistan is fragile. Prime Minister Shehbaz Sharif has one eye on the GCC countries for an economic bailout and the other eye on the internal political situation. For all practical purposes, his coalition government is under siege.

Blaming Imran Khan’s stalled projects is the only recourse left. Sharif is blaming Imran Khan’s PTI for the spoiling ties with China. For Shehbaz Sharif, Imran Khan is at the root of all the recent differences with China.

Shehbaz’s confusion on what Pakistan wants from India is telling. There is a fair amount of desperation. Earlier this month, Shehbaz Sharif told an Arab media outlet that “Pakistan had learned its lesson from wars with India”. That confession lasted an hour; then it was back to Kashmir!

The Government of India has invited both Sharif and Foreign Minister Bilawal Bhutto to the SCO Summit in India, but both are demurring like they don’t have the latest fashion in Pathani suits for the visit. For sure, if the duo deign to come, Indo-Pak issues will hijack the SCO.

But then, it could also be that the two are bothered about the situation back at home. Afghanistan has been throwing its weight around and rebels in Balochistan have been making it difficult for the Pakistan Army. Also, there is POK, which is restive and looking at India for a change in status.

All in all, the times are not favouring Pakistan. The floods left Pakistan weakened. The children, especially. Allah should and must make a strong intervention. Pakistan needs the helping hand, more than ever in its short life. Dictator Zia ulHaq once said “we will eat grass but make the atom bomb!” Today, things have come to where all that will be left for Pakistanis will be grass.

Maybe India can take advantage and play God, at least try to. Our Prime Minister wants to be Vishwaguru and this is his moment of truth. You cannot have full bellies and your neighbour’s children empty hungry stomachs. Prime Minister Narendra Modi will never get such a chance to play God! (IPA Service)

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