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Reportedly the International Monetary Fund (IMF) has conveyed Pakistan its concern on delay in appointment of new finance minister; in fact the elected regime should have been more concerned. The delay in nomination of the new incumbent only highlights lack of decisiveness regarding some of the most pressing issues and also fuels rumor-mills.
Though, the news of differences of present regime with the finance minister were circulating for sometime but Prime Minister's whispering --caught on the mike-- made it too obvious.
However, it too obvious that there is real dearth of competent candidates. On the flipside it may also be said that the regime could have picked up anyone but the real issue is getting its candidature approved from the multilateral donors.
The government of Pakistan must be looking for a man of strong nerves capable of withstanding pressure of the IMF, the savior of country. The hidden motive of the elected representatives seems nomination of a person who can condone financial irresponsiveness and solicit more money to let the present government complete its term rather easily. Pakistan needs a man of vision who is capable of coming up homegrown plan rather than following IMF recipe maintaining financial discipline.
We have reminded the economic managers repeatedly that Pakistan has borrowed enough and now it is time to put the house in order. There should be no more attempts to borrow because debt servicing has already become unsustainable. The real issue is providing right stimulus to bring the economy out of stagnation and also the right impetus to accelerate GDP growth rate.
Is it not regrettable that India is aiming at achieving around 9 per cent GDP growth rate and Pakistan could not achieve even half? The reasons are too obvious and known to all. The bureaucrats in the ministries are towing the political agenda rather than recommending what is good for the country. Introducing Benazir Income Support Programme, also enjoying blessing of the US government may be good but people need jobs rather than living on stipend.
Pakistan needs a finance minister who can tell the donors 'enough is enough' and now let us manage our country the way we want. We cannot withdraw all sort of subsidies till the GDP growth rate exceeds 5 per cent per annum. The stated rate can be achieved simply by removing the irritants facing agriculture and industries. Agriculture growth can be accelerated by ensuring availability of all inputs, including irrigation water. Industrial output can be enhanced though uninterrupted supply of electricity and gas at affordable cost.
It would be real good if Pakistan gets a visionary finance minister. Finding such a person is not difficult but he/she should not be able to deliver unless prudent thinking prevails over political agenda. The elected representatives must remember 'loaded political slogans can't fill the stomach'. If they wish to win the next election they have to give the masses a reason to support them.
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