Ignoring criticism for his apparent inaction or slow response to various pressing issues facing Pakistan, Prime Minister Nawaz Sharif persevered with his plans and his approach is partially paying off.
A surge in the value of rupee by nine percent, a relative lull in terror attacks and a forward movement in peace negotiations with the Taleban are some of his substantial achievements. However, much more is required of his government to live up the expectations of the nation.
Sharif must be given the due credit for the recent improvements in the economy. He personally intervened to prevent the ministries of petroleum and power from increasing fuel, power and gas charges. He was under immense pressure from the International Monetary Fund (IMF) — which has provided Pakistan with $1.5 billion loan for five years — to remove subsidies from electricity and to jack up gas prices.
Despite the pressure, Sharif directed the relevant authorities to avoid burdening the masses, as the rates of gas and electricity were already beyond their reach.
For the last three months, these rates have not been increased. As a matter of fact, petrol and diesel prices have been reduced though nominally. Yet such a decision has set a new precedent in a country, where prices once increased has never been seen coming down.
Finance Minister Ishaq Dar expects that a surge in the value of rupee and reduction in fuel prices, would ultimately benefit the common man by the end of this month or by the middle of May.
The financial package of $1.5 billion announced by Crown Prince Salman during his recent three-day visit to Pakistan and his decision to create a “Pakistan Fund” — in which Kuwait and the United Arab Emirates (UAE) will also contribute equal sums of money — has given a huge support to the declining economy of the country.
Economic indicators have begun to show an upward trend, though a lot of work remains to be done for upgrading the economic growth rate from the current 2.3 percent to 3.5 or 4 percent by the end of June this year. This is not easy but Sharif seems determined to have his way through.
Despite rumors about army’s opposition to the idea of the government holding talks with the Tehreek-e-Taleban Pakistan (TTP) responsible for numerous terror attacks killing hundreds of civilians and many servicemen, Sharif continued with his efforts and fortunately those efforts are paying dividends. After the announcement of a cease-fire, there has been a remarkable decline in terror incidents. This is a healthy sign and slowly and gradually will boost investors’ confidence that will ultimately help in the growth of the ailing economy.
Law and order situation in Karachi, in rural Sindh and the restive Balochistan province, has also improved substantially. However, the issue of missing persons in Balochistan is still haunting Sharif. The military intelligence has been accused of abducting political activists in Balochistan. In a bid to resolve this lingering issue, Sharif has to convince the military establishment that freedom is a virtue that cannot be compromised. Analysts believe that Sharif’s optimism has placed the country on the correct path and if he continues in the same direction he will surely steer the country out of the current crisis. It may be an uphill task but not impossible. At this critical juncture, all political forces must join hands in the larger interest of the country. They must set aside their differences for a better future.
