FOR any system of governance to deliver, it is important that the ruling elite class conforms to universally accepted code of ethics. This includes zero tolerance for insider trading and a properly guarded distance from any conflict of interest.

It is unfortunate that families of a few elected and paid bureaucracy in Pakistan are involved in insider trading, which is depriving the national exchequer of tax revenues.

As a matter of principle, no close re-lative of the ruling elite should be actively involved in trading. As things stand, ‘temporary’ orders are issued by the government for the import of certain items, only to be annulled once the targeted elite has benefitted. Such practices are unethical and immoral. The market is dumped with these items — imported in some cases duty-free — once the duties have been reverted to their routine level a few days later.

Likewise, powerful sugar barons are allowed to export sugar every year based on the rationale that the commodity is in excess quantity. A few months later, sugar is imported at a much higher cost. Earlier, a powerful few were allowed to set up massive establishments in the energy sector with lucrative capacity payment contracts. Today, as a con-sequence, we have the menace of circular debt to live with.

Only recently, we have witnessed gross irregularities in the import of solar panels and inverters. Further, subsidised state land is allotted for ‘welfare’ or ‘industrial’ projects, and then converted into real estate plots for commercial profiteering.

Besides, roads and other infrastructures collapse within months because of blatant conflicts of interest in the grant of these contracts. Is there any wonder we are struggling to keep pace with the world?

Malik Tariq Ali
Lahore

Published in Dawn, July 16th, 2025