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Roadmap for development

Roadmap for development

According to Finance Minister Ishaq Dar, the government is ready to prepare a roadmap to cut fiscal deficit below four percent of the gross domestic product, maintain inflation within single digit, achieve 7 percent growth and raise the foreign reserves up to $30 billion during the next three years. The country has already been reclassified as emerging market after the government relaxed rules for the investors in the capital market. Analysts term the inclusion Pakistan in the Emerging Markets index a leap in the right direction. The country had lost its status back in 2008 after crisis in the stock market. As the positive macro-economic indicators are recognized by the world financial institutions, it is hoped that the country will achieve high growth and development. Dar has also expressed the hope that the government will rid the country of the loans from International Monetary Fund as the desired results of the IMF’s extended facility programme have been achieved.

The country is passing through critical phase as the opposition parties are trying to destabilize the political system at a time when chief executive of the country is abroad. Afghanistan has started aggression on the behest of India and various world powers have started open and secret missions to destabilize the country’s economy. This all started after Pakistan’s commitment to the China Pakistan Economic Corridor project. Instead of supporting the corridor and becoming part of a larger economic integration, India is opposing the project and is creating hurdles in its way by supporting insurgency in Balochistan and instigating Afghanistan to act against Pakistan. On another note, various institutions in the country, which should encourage investment are working against the interest of the nation. Unfortunately, harsh and tough policies are proposed to block foreign investment in the country. The writ of the government is already weak in various areas of the economy and tough rules will add insult to injury.

Pakistan is in a state of war on many fronts. The army’s action against terrorists has cost the nation billions of rupees. The money could have spent on health, education and economic development but the billions of dollars cash, precious lives and thousands of manhours have been lost in the action. Still it is hoped that political situation will be stabilized after the return of the chief executive of the government and tension with Afghanistan will be resolved. At the moment, hundreds of thousands of consignments are blocked on the Torkham border due to clash between Pakistan and Afghanistan. The stoppage of trade is causing billions of rupees losses on both sides of the borders. The government is going to launch a three-year roadmap and it is hoped the country will achieve the desired growth if the plan is implemented in letter and spirit.