“IT’S the economy, stupid” was the Democratic Party’s slogan in America in the 1992 presidential election.

Our economy is weak, we are going — we are not going — to the IMF, interest rates have risen (and could rise even further), the rupee is depreciating rapidly, stocks have nosedived, imports are up, exports are down, and I think we could witness an economic slowdown combined with job losses over the medium-term of two years.

Notwithstanding who is to blame for this debacle, I would urge the prime minister to: 1) be patient but take decisive economic and financial actions including structural reforms, and 2) enforce severe austerity at all levels and corridors of power.

All other issues such as accountability, local governments reform, police and civil services reforms, can follow suit. But this issue must be addressed first and foremost so that a catastrophic economic meltdown scenario is averted.

Abbas R. Siddiqi

Lahore

Published in Dawn, October 21st , 2018