After taking credit for successfully eradicating the circular debt problem, the government’s incompetency in having taken steps to chalk out and implement long-term solutions for lasting impact has become obvious. The amount now stands at Rs. 360 billion today even by humble estimates—with the addition of Rs. 1 billion per day it will not be long before it even exceeds the level at which it was when the PML (N) came into government.
The circular debt issue should not be viewed in isolation which is to say that all possible areas of the economy that could have to bear the brunt of the looming crisis should be figured out. It is only then that we can actually come up with a holistic policy solution rather than leaving various sectors of the economy (especially those that are driving the economy) to scrambling to hedge against the shockwaves that the impending disaster could send out. For instance, during the PPP’s rule we saw the oil marketing giant PSO at the edge of bankruptcy and the amount of anxiety this sparked in the banking sector which had been performing well during that time.
It is crucial to be guided by an estimate of what all a possible catastrophe would mean for different stakeholders in Pakistan’s economic growth and prosperity to tweak reforms to serve the contextual setting. Taking the views of all parties concerned will aid policy-setting by helping critically evaluate solutions and alternatives from various aspects. What is astonishing however, is the government’s apathy towards a problem that could very easily arrest growth if the current course of action isn’t corrected. While eliminating power theft and corruption are good steps to take to counter the problem within the power sector, they leave a lot to be desired as they cater to only one side of the problem.
With the major cities of Pakistan such as Lahore experiencing load-shedding of up to 14 hours, things are looking bleak. The country spends 15-20 hours every day in complete darkness while the leadership keeps on emphasizing its resolve to take the country towards a brighter future. A whole year has gone by and the beast has grown stronger—to expect to tame it by half-hearted populist slogans for change and elimination of malpractices alone would indeed be a great folly.
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