Plausibly anticipated nightmare of financial crisis amidst the pandemic of COVID-19 may hit the Pakistan hardest ever. Are we ready to withstand the storm of unemployment and the tsunami of inflation? The answer is No.
As of now, all we have from the government is empty rhetoric. Instead of hitting the bull’s eye, there is a ridiculously obvious competition between the ruling party and opposition in Pakistan, hitherto not deteriorating the milieu. Let the cat out of the bag.
In this crucial time, even the largest economies across the globe are coming to a screeching halt. What would we expect from an economy recovering from the crisis and relying on the IMF’s bailout? Impacts would be unimaginable.
According to the World Integrated Trade Solution (WITS) statistics, Pakistan holds 37% export share with Europe, 16% with the United States, and 7.69% with China. Unfortunately, these all are facing a disgusting war on the virus.
Karachi, the beating heart of Pakistan’s economy, is under partial lockdown thus limiting all the financial activities. On the other hand, Faisalabad’s textile sector largely relies on China for bulk exports, which is halted for an indefinite period. And Sialkot’s industrialists are estimating on employees to downsize: unleashing the joblessness among daily wage earners.
On the other hand, the Government of Pakistan has announced generous relief packages, subsidies, and refunding rebates. Cabinet has approved PM’s 1.2 trillion rupees’ relief package.
According to the Economic Coordination Committee (ECC), 100 billion emergency fund was set to deal with the pandemic effects. Also, under the umbrella of the “Ehsaas Kifalat Program,” 12,000 rupees on a monthly basis are agreed to provide 20.2 million families across the nation.
Besides, the Federal Bureau of Revenue is directed to issue 75 billion in tax refunds. Similarly, hefty amounts are allocated for utility stores, Pakistan railways, procurement of medical supplies, wheat stock, and National Disaster Management body.
All these necessary evils would have a drastic effect on the national treasury. Consequently, there would be a further devaluation of Pakistani currency and prevailing inflation. Hence, it would be harder for people to meet even their basic expenses shortly in Pakistan.
Here another point should be considered that even if the lockdown is abrogated in Pakistan still the wheel of the economy would not be in motion. As most of our products’ markets are closed or at the brink of closure.
So, we should have an Economic National Action Plan like the plan we have executed regarding the war on terrorism. The government should take measures as same as it is always ready to take in case of National Security. The ruling party should stop the pump and show, rhetoric, and lips service.
The Pakistan government should observe strictly the status of necessities in the country lest it would turn into a hunger-mob game. Also, government policymakers should take it into account seriously. Cartels, monopolies, and mafias should be dealt with iron hands.
On the other hand, the Government can use Polio workers and government teachers to fetch accurate data about the people living on daily wages and deserving families. It would help to scale the measures on a broader level. Waiting to have a messiah is not the right way to mitigate the challenge. People should also observe law and precautionary measures. Let Pakistan be a messiah of its sores.
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