In his last op-ed for this newspaper, noted economist Dr. Hafiz A. Pasha concluded his argument on an interesting note, wishing the upcoming caretaker setup success.
According to him, “Overall, the targets in the IMF Stand-by Facility are ambitious and challenging in nature. Perhaps, the most difficult targets are the floor on the net international reserves of the SBP, ceiling on the amount of government guarantees, floor on FBR revenues and ceiling on power sector payment arrears. We wish the new caretaker government, with increased powers following the recent legislation, success in meeting the Programme targets for end-September 2023. Thereafter, the responsibility for achieving the end-December targets will rest with the newly elected government”.
Be that as it may, Anwaarul Haq Kakar has been selected as the caretaker prime minister of Pakistan and he is scheduled to be administered oath of his office tomorrow.
He and his economic team will be required to deal with the challenges strictly in accordance with the IMF stipulations or conditionalities, although the targets set by the IMF for the country, as stated by Dr Pasha, are both ambitious and challenging in nature.
They will also be required to demonstrate a lot of determination to stay the course during the interim period between now and till the transfer of power to the new elected government. The prime minister in particular will be required to maintain his neutrality.
Holding inclusive elections involving all political parties, including a seemingly beleaguered Pakistan Tehrik-e-Insaf (PTI), will be regarded as the litmus test of his overall performance as a caretaker prime minister.
I too wish Kakar sahib success.
Rahat Saeed Jilani, Karachi
Copyright Business Recorder, 2023
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