- With false hope
There is no disagreement over the fact that the country’s economy is in very bad shape. This isn’t conjecture; figures published by the PTI government itself, which has the mandate to fix the economy, speak for themselves. There is also no denying that PM Imran Khan and his cabinet inherited a mess of an economy yet mistakes made early on in its handling only exacerbated the situation. SBP while announcing a 150-basis point hike in the discount rate a few days back painted a bleak picture of the future stating that inflationary pressures will remain as prices increase, economic slowdown would continue and the fiscal deficit would be ‘considerably higher’ during the next fiscal year (Jul-Mar FY19). In striking contrast to this reality is the PM’s excessively optimistic economic outlook. Speaking at a fundraiser he claimed that the “crisis [economic] would be over in the next two months”. While the PM’s confidence in himself and his economic team in achieving what can only be described as a miracle is commendable, perhaps it would’ve been better that he let the numbers, that would be reflective of this achievement two months from now, do the talking. Similar premature glee was witnessed from the PM down to his ministers when the prospect of striking oil and/or gas at an offshore drilling site was peddled as the gift from above that would change the country’s fortunes. All that came to naught when no natural resources were found, washing away the excitement and bringing in the realisation that there are no quick fixes to the problems we face.
Statements matter. Especially when coming from the head of state. They can inspire hope in the people but have to be realistic as well. Presently not even his cabinet is this hopeful let alone the people who are facing the increasing difficulty of making ends meet on a daily basis in the current economic climate. It will take years not months of reforms to achieve the kind of economic stability required to build upon and grow. If the new economic team isn’t up to the task the only jobs being created will be in the finance ministry, again.
