Path to stability


Pakistan has been grappling with a constitutional crisis and economic challenges for some time now, and the situation has only worsened in recent months. The country is facing a range of issues that require immediate attention from the government and policymakers to ensure stability and progress.
On the constitutional front, the country’s heading to a likely delay in going to the polls as different authorities apparently shirked their responsibility to strike a balance and address the issue of weak democratic institutions and corruption. The current government has faced criticism for its handling of these issues, and there are concerns about the stability of the democratic process.
On the political front, the current situation is quite confusing. The federal government seems to be under tremendous pressure from the main opposition party, the Pakistan Tehreek-i-Insaf, to call early polls to the National Assembly and to meet the constitutional and legal requirements to hold general elections in the Khyber Pakhtunkhwa and the Punjab provinces, where the provincial legislatures have been dissolved.
In addition, Pakistan’s economy has also been struggling. The country faces high levels of inflation, rising unemployment, and a growing fiscal deficit.
One of the key issues that the government needs to address is the high level of public debt. Pakistan’s debt-to-GDP ratio is among the highest in the world, and this has put a strain on the country’s finances. The country’s foreign exchange reserves have depleted to a formidable level, which calls on the government to work on reducing its non-development expenditure.
But, instead of reducing its debt burden, we see the government is giving in to hard conditions of international donors like the International Monetary Fund (IMF) to ensure release of an early tranche of loan to support the country’s sagging economic health.
Another critical area that requires attention is job creation. The country’s economy is characterized by a large informal sector, and there is a significant skills mismatch in the labor market. The government must work on promoting vocational training, investing in education, and supporting entrepreneurship to create more job opportunities.
It is also essential for the government to work on improving the business climate in Pakistan. The country ranks low on international indices for ease of doing business, and this has discouraged investment and hindered economic growth. The government must work on simplifying regulations, improving infrastructure, and promoting transparency to create a more conducive environment for businesses.
To address these issues, the government needs to take swift action to strengthen democratic institutions, address corruption, and promote accountability. The government must also focus on developing a comprehensive economic plan that addresses the root causes of the country’s economic woes and challenges.
It is high time for the government to work on strengthening democratic institutions, promoting transparency and developing a comprehensive plan that addresses the root causes of the country’s current crises and chart a path towards political stability and economic progress.