Pakistan Tehreek-e-Insaf (PTI) is in government for well over 50 days. PTI had announced its 100-day plan as its election pledge to set right all the economic, social and governance issues of the state the nation. People, who catapulted PTI into power, raised their expectations too high for good things to happen too soon. Responding to this public sentiment, the US dollar declined from Rs 130 to below Rs 120 when the interbank rate was at Rs 125, whereas, the Pakistan Stock Exchange (PSE) jumped up by over 1000 points. When the ground reality began to unfold the euphoria started to evaporate leading to the present state of uncertainty in the market with dollar at Rs 134 while PSE on a downward trend.
It was, however, quite unrealistic on the part of the government to expect that all economic, social and governance woes will be resolved in the first 100 days of the government, ignoring the facts that the PTI government inherited a tumbling rupee that had been sustained through repeated State Bank interventions, exports and Foreign Direct Investment were at their lowest in the last decade, massive losses emerging out of accumulated circular debt and loss-making state-owned enterprises, threat of being on the grey list of FATF, inevitable gas and electricity price hikes that had been kept on hold for the new government to take the hit and the ongoing NAB cases of massive mis-governance with uncertainty in the market. In short, the PTI government inherited the accumulated mess of last 10 years to clean up.
It is not understandable why the PTI government remained passive in the first or second week in office and did not make public what the two previous governments had bequeathed to it. It was only recently that PTI started to hit back in the face of strong criticism by the opposition and media. This delay however made it defensive.
Also, it is also not understandable why the PTI did not in the first place make it transparent that the first 100 days are meant to put in place the frame-work and strategy to position on track the declining state economy, the fragmented social fibre of the country and the merry-go round of the accountability process. Public would have truly understood the intentions of PTI as being realistic and expectations would have been limited to giving a fair time to the government to deliver.
The scorecard of first 50 days of PTI government is reasonably impressive with some very significant plus marks.
On the political front, PTI has well managed to form a balanced coalition federal government and PM Imran Khan is well saddled in a commanding leadership position. The provinces of Punjab and KP are also well gelled with the centre. Moreover, there are indications of good working relationship with Sindh and Baluchistan. The challenge ahead is the settlement of forthcoming NFC award and the footprints of local bodies on ground.
After a very long time, the political leadership and establishment are on the same page and are complimenting each other in internal and external security, foreign diplomacy and good state governance. The key pillars of the state, notably the establishment, the regulators, the executives and legislators are now better aligned to their constitutional roles and appear to be working in harmony.
The assemblies and the senate are far more vibrant and their conduct is more meaningful and taken seriously by both treasury and opposition benches. This week, the National Assembly reached its high point when the speaker of the assembly exercised his impartiality and wisdom by responding well to the call of the opposition for the assembly session and Shahbaz Sharif - the leader of the opposition-was directed to be produced and provided an un-hindered opportunity on the floor of the assembly to present his case before the legislators. Surely, this carried a message of maturity of our prime institution to the outside world.
The government has set up advisory councils almost on all the issues in relation to country's economy, social sector and governance and many of them have been chaired by the Prime Minister himself. The number of cabinet meetings held in the last 50 days is unprecedented, signalling the message that there is urgency and sincerity in resolving simmering issues.
The first step of austerity and doing away with protocol culture was positive but its sustainability appears challenging.
The roll-out of the Green and Clean Pakistan is an admirable initiative of the government with far-reaching effects on the health and happiness of people, ambience of our urban and rural cities. This will also augur well for country's foreign investment and export prospects. One reason why the traditional political parties lost out in Karachi to PTI was that rich people had to negotiate their way through heaps of garbage across city arteries while the poor had to wade through flowing gutters and heaps of garbage right at their doorsteps. Same is the case with the so-called posh industrial areas like Export Promotion Zone and Korangi and SITE industrial areas in Karachi where entrepreneurs are often found reluctant to invite their foreign partners. Such is the strength of cleanliness which no government ever recognised.
The roll-out of millions of houses scheme for the those who cannot afford to have houses of their own in the prevailing market governed by the builders and investors is a good initiative with a note of caution. For the sustainability of the project it must be structured as a business venture based on the affordability and buyer segmentation and devoid of any subsidy from the government.
The reclaim of public property from land mafia is a positive step but its sustainability is challenging.
With significant plus marks, the PTI government's scorecard has a number of significant minus marks as well, which are largely related to state economy and fiscal dynamics of the nation where it failed to take timely actions and ensure delivery.
The government ought to have approached the IMF on day one with one valid and understandable justification that it inherited all this mess from the past government and there is no time left to play around. Its decision with regard to the IMF must have been accompanied by a solemn pledge that this inevitable IMF route will be the last which this nation is forced to endure. Moreover, the government could have looked into other options to supplement the IMF bailout. Going to the IMF without the required homework has compromised our negotiating options with IMF and other lenders.
Other more complicated and more serious issues like circular debt, loss making public sector enterprises, export competiveness, depleting foreign direct investment, availability and affordability of energy, equitable management of CPEC and similar challenges continue to mar the economic and fiscal dynamics of the nation , leading to uncertainty in the market.
The fundamentals of the nation are quite strong now, the governance much better and the intents more clear and pious. If the government can manage to resist the temptation of falling prey to distractions placed on its way, there is a good chance that it can implement its vision for a change. There is a famous quote by Winston Churchill that "If you stop by every howling voice you will never reach your destination."
(The writer is former President of Overseas Investors Chamber of Commerce and industry)
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