This is apropos a Business Recorder op-ed ‘Flawed budgetary measures’ carried by the newspaper yesterday. The writers, Huzaima Bukhari, Dr Ikramul Haq & Rauf Shakoori, who are widely known for their expertise in the areas about which they write regularly, have presented a detailed analysis and assessment of the budget for the fiscal year 2023-24 in an impressive manner.
They have argued, among other things, that “A country that was once hailed as an investment alternative to India is now facing the formidable problem of averting a default on its foreign payments.
The inflation rate has soared to nearly 38 percent, while the policy rate to 22 percent after a recent 100 basis points increase. Sadly, financial decisions made by the leaders for political gains cannot be overlooked when attributing responsibility for the current worsening economic situation.
Despite the country’s precarious economic condition, our rulers are still reluctant to acknowledge the need for introspection... .” The writers are absolutely right. In my view, the conduct of almost every politician in the country is characterized by a drive to acquire power.
In other words, power means everything to them. Little do they realize that they are responsible for the current economic impasse in the country. The government has not made any meaningful effort to tame rising inflation. However, it loses no time in hiking interest rates in view of “inflationary expectations”. Someone has got to stand up and say enough is enough.
Arif Baig (Karachi)
Copyright Business Recorder, 2023
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