The SBP reports also draws on the IFC-WB survey to underscore the need for drastic measures to fix some of the most pressing problems that Pakistan faces.
“Both domestic and global factors are responsible, but we believe that domestic issues are more decisive and chronic. These include the collapse of fixed investment, acute energy shortages, urban violence and lawlessness, poor physical infrastructure and institutional fragility,” observes the report.
It also points to the loss-making public sector enterprises which “continue to haemorrhage and drain scarce fiscal resources.”
“Railways, PIA and Pakistan Steel are classic examples of the heavy cost of poor governance to the economy.”
“Pakistan’s political leadership must take credible steps to stop the slide,” the SBP suggested.
But who listens to the State Bank of Pakistan, and who is interested in stemming the slide when the status quo promises enrichment of a few?
Why would double nationality-holders – US, British Passports, Green Cards – be committed to the interests of Pakistan or its hapless people? If they were, there would most probably be:
a) No rental power plants.
b) TTC, involved in Reko Deq project, wouldn’t face cancellation of its mining and processing licence and forced to go for arbitration.
c) No shadow ministers and heads of government entities to cut shady deals.
d) Far less load-shedding.
e) Far greater and serious attention to streamlining internal security mechanisms rather than obstructing the traffic of goods and people through concrete barriers.
f) Better management through professionals rather than cronies.
g) People-focused policies to protect them from the food and oil cartels that have contributed to the crushing inflation.
h) No compromises with religio-political bigots who are responsible for much of Pakistan’s political isolation and infamy across the globe.
i) Far more attention to harmonizing the school curricula.
j) Far greater and sincere effort to subject private schools and the religious seminaries and mosques to regulations (like in most Muslim countries).
Pakistan’s multiple political and economic crisis will not end until the ruling elite puts an end to squabbling for personal gains. It will only aggravate the country’s socio-political adversity if it continued courting the religio-political alliances such as the MMA, people who have little concern for the common man. Pakistan’s mighty military establishment has messed up with politics. It must not any more. Nor should it cut unholy deals for short-term gains. Nor must politicians act like vultures who are slicing away whatever is left of the land called Pakistan.