How often an average Pakistani read and listen about various deficits that he confronts with without being aware o its meanings, implications and possible repercussion on his daily life.
I am not sure whether I should bring a common Pakistani into this debate or restrict my submissions to the peoples and the Government Departments who matter. At the same time I would encourage a national debate on deficit syndrome which has been side-tracked due to the prevailing law and order situation of the country.
Law and order will further deteriorate if we do not control deficit. Let us, first concentrate on the Ministry of Commerce and its offshoots. Commerce Ministry holds a key to trade, commerce, imports and exports of Pakistan. It has a mandate to formulate trade and commerce specific schemes and implement them through its all powerful organs.
Huge set-up with Trading Corporation, life and general insurance. Most important amongst the Commerce Ministry family is the former Export Promotion Bureau and now Trade Development Authority (TDA). It's prime and foremost objective is a development of trade between Pakistan and rest of the world. It has a massive set-up in Pakistan and Commercial Attaches with the Pakistan Trade Missions abroad. It holds exhibitions of Pakistan products at regular intervals. Expo Centre Karachi and Lahore are also the sole property of TDA.
Everything looks in order and according to world standards but a nation suffers through deficit. A serious thinking with objective analyses is required to establish creditability of important Commerce Ministry. One line goal should have been assigned to it.
TDA lost its offices in a first. Since then it is operating through a commercial centre popularly known as FTC. It is being led by businessmen and civil servants. It appears to be in the ad hoc process. It has not been able to complete its shape to launch an export offensive.
Trading Corporation (TCP) with its limited size can only cope with import of deficits in the eatable of the country. Otherwise it also has lost a moral feasible ground to exist on deficit account balance. Insurance Corporations both life and general are ok. At least they are not the source of deficit.
How long a nation can and should tolerate wasteful expenditure, especially when its own survival is at stake. President Sahib please check them before they tie you up. Trade deficit has to be controlled. Responsibility has to be assigned now so that three quarters of this financial year can be made good use of.