It is indeed painful to observe that the people who matter in the country do not refrain from resorting to tricks that are couched in very attractive and fantastic hopes but are simply aimed to misguide the people for temporary gains ensuring their survival at the helm of affairs.
This state of affairs is repeated constantly without realising that it has lost not only its appeal but has now reached the stage whereby it is resented by a vast majority of people of the country. It is unfortunate to note that the current portrayal of intense optimism is built upon a premise that is devoid of realistic dimensions as any turnaround of national economies is not achieved in a jiffy as projected because it is a long-term process and takes at least a quarter of a century to come to fruition. Promises made contrary to this realistic consideration are bound to end in failure and may further damage the credibility of the powerful circles of the state.
The kind of anticipated figures of foreign financial assistance doled out by the perpetrators of the current recovery programme appear fantastic. It is projected that Saudi Arabia and the UAE will make investment to the tune of $25 billion a piece and these $50 billion will be invested in mining and minerals that are mentioned to be found in abundance in Balochistan. This investment will be also be made in the Pakistani agriculture sector that offers tremendous potential for growth as it is under-developed and under-performing. Moreover, it is also projected that both the UAE and Saudi Arabia will place $10 billion each as deposit of some sort in the State Bank of Pakistan. These are large figures and may apparently appear to effect the desired economic betterment as such investment is direly needed if this financial assistance is appropriately utilised.
It is quite clear that these figures were brought to fore before doing any factual research as they simply appear quite irrational in content and description. Even a cursory glance at the past would reveal that Pakistan has attracted a total of $50 billion in the last three decades and would point out that the projections in this respect are unreal as such flood of investment in just three months, including monies coming through China-Pakistan Economic Corridor (CPEC) investment portfolio, is stretching the point too far.
It is also interesting to note that since the process that began a decade before of getting deposits by the friendly countries placed in the State Bank of Pakistan only $10 billion could be obtained and that too in broken down amounts not exceeding $3 billion out of which many such deposits were prematurely withdrawn, particularly by Saudi Arabia.
There is hardly any doubt that Pakistan badly needs all investment it can get and that earlier than later. The memory of the recently witnessed excruciating period of uncertainty is fresh in the national consciousness when the country was facing real danger of default before the IMF approved a temporary bailout of $3 billion of which the first tranche was released in July. With this background it will be highly irrational to expect that a hefty financial assistance of $50 billion will be doled out to a country that not only faces economic downturn but also is badly beset by intense political uncertainty and social disorder. In the current scenario it is inconceivable to offer any kind of assurance to the benefactors and friendly countries that is usually required when financial assistance is sought.
This is now a widely acknowledged fact that the traditional financial benefactors of Pakistan have now grown apprehensive about the financial viability of the country. It is also well known that the benefactors have abandoned conveying their concerns with subtility and openly voice their objections and formally apply pressure on Pakistani financial decision makers. It is obvious that the financial world has now increased pressure on Pakistan to address the badly damaged fundamentals of the economy so that its functionality is restored. The insistence is on reforming the taxation sector that has now been leaking so profusely that it is now rendered completely undependable. The pressure is also on to take on the unhinged profit-making lust of the cartels that are supported by the governance structure of the state.
The perils of duality of power have now come home to roost and, with their back to the wall, the segments who matter in the country are now trying to spin-off the trouble with projecting fanciful financial figures so that the people are put back in a renewed state of reverie instead of questioning their role and efficacy in the cumulative state of affairs that is fast eroding the very basis of the state. In any case the disheartened people of the country do not deserve to be hoodwinked any more.
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