A leader knows the way, goes the way & shows the way. Pakistan is moving in new direction where globalization is competing for dominance and personal interests are being taken over by national interests. It is the post-election period where Prime Minister wants Pakistan to have a role in global governance system which is of course not possible without having the will to fight corruption. Since economy is afflicted by corruption, PM is certain he’d deal with corruption with the same pace he wants economy to flourish.
To build modern and inclusive economy, Team Khan has begun to focus on economic transformation. There’s a lot of criticism as of Pti lead government failed to come up with a sustainable economic policy whereas it’s imperative to understand there has to be economic growth for Pakistan to have an economic policy implemented which is why in first 100 days agenda, Pti promised to come up with plans to revitalize economic growth plan. From a layman’s prospective economic growth leads to economic development, economic growth is actually the rise of everything produced in the economy that implies the yearly increase in GDP and alludes to rise in per capita national product over a period.
It has been a popular assessment by economic predators that Pakistan has potential to be one of the biggest players in production & trade in coming years. With a population of nearly 200 million, Pakistan has the man-power to contribute on a global scale and could have the buying power to create a seismic shift in the way that rest of the world makes and markets products. Pakistan has a long way to come before the country can really be an economic force on par with China, India and the rest of developed economies and to be able to go down that way, Country needs to be put on the right track. Prime Minister is focused to have Pakistan undergone a major overhaul of almost everything from education to infrastructure.
It is no small task to administer such a large population spread over profound blend of landscapes varying from plains to deserts, forest hills and plateaus ranging from coastal areas of Arabian Sea in the south to the mountains of Karakoram Range in the south with nominal GDP per capita of $1,640 in 2018, ranked 147th in the world, external debt of around $95000 Billion and ranked 117th out of 180 countries on corruption perception index. If any of the necessary changes to life and business in Pakistan are to come to materialization, Team Khan is focused to implement positive improvements in governance. Pakistan Govt. is set to focus on renewed dedication of accountability, urging citizens to organize themselves and push for political leads that live and breathe results in regards to public service, simultaneously.
Prime Minister Imran Khan is keen to divorce the Govt. from industries that should be private while being focused on asserting socialized human services like health care that can have positive impact on economy, a step in a right direction as production tends to suffer under government control because it’s relieved of market pressure to create satisfactory products. PM also focused to decentralize to allow local governments more scope to address the needs of individual communities in metropolitan cities and rural areas which will, of course, uplift the standards of governance across the country.
Pakistan needs to focus a decent chunk of its current resources on primary education to ensure more number from socioeconomic background have the access to primary education, though making a remarkable difference in KP in regards to shift of students from private to public schools as well as keeping the numbers high in terms of attendance from the past, PM recognizes that a large demographic of youth with primary and secondary schooling will increase the demand of higher education so eventually government will increase funding for universities, chipping In to elevate literacy rate, another key factor that leads to better GDP per capita. Pakistan has great economic resources in its universities and financial institutions. Along with limited consultancy relationship with global partners, these are the people who will be working with the government to come up with smart economic policies, with great emphasis on trade partnership with other countries.
Despite Pakistan’s volatile relationship with India and Bangladesh, PM is convinced these countries should form long lasting trade agreements to diversify their international client base, on top of trade model set up with China with currency swap agreement. The idea of currency swap agreement is to provide adequate local currency liquidity to Pakistani & Chinese business community which will assist local business by reducing difficulties usually encountered in search of third currencies. Though divergent views have greeted the deal and irrespective of supposed trade imbalance in favor of China, the deal has opened a fertile ground for mutual international trade and businesses between the two countries. The deal could not have come at a better time than now with Pakistan struggling to address low foreign reserves plunge and meet debt obligation. With the operationalization of currency swap agreement, it will be easier for most Pakistani manufacturers, especially small and medium enterprises to import raw material, spare parts etc. by taking advantage of available Chines Yuan (RMB) liquidity from Pakistani banks without being exposed to difficulties of seeking other scarce foreign currencies like U.S. Dollar. Prime Minister & Team Khan is fully aware of the fact that Pakistan needs to increase its export volume to take advantage of this deal and for that measures have been taken into account that will help resuscitate the local industry. The currency swap agreement will reduce the strain on Pakistan’s foreign reserves denominated in dollars, as its set to take an important place in global trade and boost mutually beneficial business transactions between the two countries and other economies interested in trading or investing in Pakistan.
What we should really understand about the intention of Prime Minister Imran Khan, that Pakistan under his watch would not do what will hurt its economy. He promised on assumption of his office that policies of government under his purview will be people-oriented and he has not deviated from that pledge. He repudiated IMF’s anti-pakistani prescription for the economy and running from the pillar to the post to be able to opt for a home grown treatment instead and the gains will be visible soon. Trying to save Pakistan from huge drain on its reserves, PM is adamant to raise produce in the country in large quantity along with forex management policies to be enunciated to arrest the cartel of bettors and speculators. However one component that will prove to be the magic wand is the investors & exporters window and this window will be given a hope of success. While the efforts will soon be commended in redirecting and ensuring the economy stays on the right path of sustainable growth, a faction of media is trying hard to undermine the amount of efforts being put in by the government to give economy a jump start, by playing with words spewed at casually by the PM i.e. “Uturn”. A part of media & anti PTI supporters are complicit in this social media war waged on Prime Minister’s casually uttered word, accusing him of not being persistent, will soon have to take a “Uturn” on their stance when the economy starts to take a shape and average citizen will be benefitted. Till then they can do what they good at and Imran Khan will carry on doing what he is good at as he believes that most splendid achievement of all is the constant striving to surpass yourself and be worthy of your own approval before critics can approve you.