The challenge for the incoming government is economy as the country stands at a precipice, its economy teetering on the brink of collapse. The real issue is the trade imbalance, a gaping wound for decades, festers open. Growing imports choke progress, while domestic production slumbers far below potential. The lack of investment cripples growth, and the specter of 2019’s bailout package looms large, its harsh terms threatening to swallow foreign reserves whole.
We are not living in unusual times. The common man has been reeling under the crushing weight of inflation for decades but the recent years have been crushing. Electricity, petrol, gas – all see prices skyrocket, pushing the cost of living to unbearable heights. Inflation, already at a staggering 40%, promises another vicious bite with the imminent IMF package.
The burden is not shared equally. While the privileged few enjoy subsidized petrol and other luxuries, the poor and middle class bear the brunt of austerity measures. The tax system, a leaky sieve, fails to capture the wealthy, leaving essential goods and utility bills burdened with taxes that pinch the pockets of ordinary citizens.
This lopsided equation widens the chasm between the haves and have-nots, fueling social unrest and eroding national unity. The upcoming parliament can’t afford to be oblivious to this simmering discontent. Urgent action is needed.
First, the recent hikes in gas and petrol prices must be rolled back. Immediate relief is crucial to alleviate the suffering of the masses. But true salvation lies in breaking the shackles of the IMF loan. This necessitates a two-pronged approach:
Domestic Reforms: Overhaul the tax system, plugging loopholes and ensuring the wealthy pay their fair share. This will generate much-needed revenue and reduce reliance on external borrowing.
Trade Balance Correction: Revive domestic production through targeted incentives and address import dependence, particularly for energy needs. Boosting exports through strategic trade deals will further shore up foreign exchange reserves.
Ignoring these fundamental issues will only prolong the agony. Time for political posturing is over. Pakistan needs bold leadership, one that prioritizes the well-being of its people and charts a course towards a sustainable, equitable future. The nation waits, holding its breath, hoping that its elected representatives rise to the challenge before the storm engulfs them all.