Face The Music

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Naseebullah khan
Before the vote of no confidence, the coalition partners knew that economy of the country is in the ICU. They were aware of the sorry state of economic affairs that the than government had deteriorated. The debt burden, trade ratio, inflation, high interest rates, skyrocketing circular debt, falling reserves, flying dollar, and about freezed crude oil prices. The current 2 days long gatherings of PML stalwarts including prime minister Shahbaz Sharif with Mian Nawaz sharif in London have resulted in to many conspiracy theories. Some sources are of the opinion that the PML,N does not want to pay for the blunders of the PTI by increasing Oil prices around 30 to 50 rupee per liter as they fear that the inflatopn as a result of this increase will dent Party,s reputaion and will increase peoples hatred. Hence, they are in fevpur of fresh elections. Agreed that the economic situation is dangerous but the question is will fresh elections halt economic meltdown and default? For this, we have to look into some bitter ground realities. Firstly, the election commission of Pakistan has categorically said that the body is not in a position to held elections untill November 2022, hence, in this context, the coalition government has no choice left rather to accept the challanges as extraordinarily situation demands extraordinary decisions. Secondly, foreign reserves that have shrunk to 10.6 billion USD can scarcely meet imports of next 2 months. The question is if the resign of power is given to interim government, will it be in a position to get the IMF bailout package that has become the pertinent point of economic recovery? As this coalition government is hesitating in taking tough decisions, how will interim government be able to do so? Surrendering in this pathetic economic fragility and to the rhetoric and pressure of the PTI is not the option. The coalition partners have to take bold decisions as they have no options left rather. They were cognizant of the ecnomic meltdown. Sanity demands that the coalition partners must face the music. Going for fresh elections (if the Election commission of Pakistan helds so) might be a face saving exit for political gains of the coalition parties but, it will have far_reaching consequences for the already economic frail of the country. Running away from the challanges is not the solution. The government should initiate sustainable debt plan, structural reforms, strategy as how to overcome trade deficit, introduce tax reform and end tax subsidies, reduce expenditure, cut non combat defence budget, and launch a robust economic growth strategy.

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