THIS is apropos your editorial ‘Steady policy needed’ (June 15) regarding the government’s policies to face the present economic crisis. In continuation of your editorial, I would like to add a few points.
First, it is not the policy of the government to entirely depend on the IMF for the socio-economic development of the country. There is no blanking the fact that in this socio-economic catastrophe, the IMF is one of the good options but it is not a complete solution for the persistent economic depression of this country.
This country is not facing a single dilemma but it is completely on the verge of collapse as its every sector and department has been ruined and obliterated by all of the previous governments.
There is not a single department which is free from corruption or malpractices. There is fraudulence far and wide and the authorities concerned are not in a position to do the needful. Therefore, in such despondency, instead of completely relying on the IMF’s funding, there is a need for strategic economic planning to face the present predicaments of the country.
In this present situation there is no denying the need of loans from international financial institutions like the IMF or the World Bank, but along with getting loans it is necessary to have short-term and long-term, and macro-level and micro-level economic planning.
Before analysing anything, the government should form a committee of economic experts. The committee should be made responsible for thoroughly analysing the revenue and expenditure situation, as well as for taking into consideration the foremost challenges such as energy crisis, inflation and unemployment.
The committee of experts should analyse the root causes and factors responsible for those challenges in this regard. The country’s resources should be fully utilised in the right direction with the speedy and short-term measures.
The top-most challenge of the energy crisis must be tackled before any further delay.
Almost 5,000 megawatt shortage is not an impossible challenge: it’s curable through practical implementation of a few steps.
The first step is to stop corruption inside Wapda; then invite China to utilise Thar coal with speedy measures; if this is not enough, then solar energy plants should be received from France. If that is still not enough, then small but non-controvertial dams should be built on rivers.
These measures would require time and lots of money, but they are worth it for the stability of Pakistan and its people.
SAJJAD RUSTAMANI Hyderabad