By Sardar Khan Niazi
A great part of the country’s population has tired of the mischiefs of the corrupt class and is seeking a permanent departure from the country. Businesses are eagerly moving their riches abroad. In other words, the country is suffering because of the corrupt class involved in destructive conflict.
Pakistani citizens have endured decades of infighting among the corrupt class, and competition for influence. The result has been a cracked political entity, declining economy, de-industrialization, assets flight, brain drain, widespread shortages, pervasive poverty, societal collapse, and social disorder.
Regrettably, our dear homeland finds itself on the brink of a deteriorating condition; its corrupt class has been too busy in a power struggle. While Pakistan is facing political, economic, social as well as institutional turmoil with an intensified risk of extremely ambiguous results, the corrupt class has chosen a different path leaving the economy in a nose-dive.
Businesses and industries are closing. This state of affairs has given rise to substantial joblessness and assets flight from the country. Because of high inflation, there has been a sharp rise in the ranks of the poor. While many have become paupers, millions face utter poverty.
The economic disaster is now heading toward Pakistan’s banks. Banks are facing rising pressure first because of mounting losses on their credit as well as investment portfolios due to a sharp increase in non-performing loans and interest rates respectively; second, from the largest borrower in the system potentially going defunct.
Government borrowing from the banking system accounts for almost 70 percent of the banks’ total lending, and 92pc of its entire deposit base. Ten years ago, the figures were 62pc and 81pc respectively. Each T-bills auction requires a massive prior injection of liquidity by the State Bank to allow banks to be able to lend to the government. This is an untenable situation, which is being made worse each passing day by the political impasse.
The important question that comes to mind amidst the extraordinary difficulties and stresses our dear homeland is passing through is whether can we turn around the dismal state of affairs, or if it is too late.
The answer is an immediate return to constitutional rule. This is the only way forward to eroding corruption. The timely holding of free and fair elections by a credible and neutral set-up, and the transfer of power without impediment or conditions to the elected civilian government will defuse the multiple pressures that have built up.
Unconstitutional measures to delay elections or to resort to extra-constitutional measures to impose a technocratic government will only make deeper the crevices and not lead to either political or economic steadiness.
The government and the opposition should rise above trivial self-esteem and self-centered behavior as it is damaging to the national or institutional cause. Can’t they take a stand for the constitutional path?
With the passage of time, the window of opportunity to avert the worst possible result will become slimmer, and the ongoing chain of events set in motion by the political parties’ selfish logic and reasoning will lead to unintended consequences and extremely ambiguous as well as unwelcome consequences.
Each passing day brings us closer to the brink of disappointment and despair. If our dear motherland is to avoid unwanted outcomes, the government and the opposition must act immediately as time is running out fast.
If we wish to save the economy from total collapse and wish to service our debts and obligations to foreigners, both sides i.e. the government and opposition should take immediate steps so that our dear homeland can meet its essential import needs. How long can we depend on aid and bailouts from our friendly countries?
