How to stop an impending financial meltdown?

18 May 2019

Dear Mr. Imran Khan Sahab.

AoA.

Sir,

The current shattered state of economy of Pakistan, wherein, daily steep and unprecedented devaluation of PKR versus the USD, whose interbank rate was higher than the forex market rate a few days back and the Bloomberg has rated PKR as the worst performing currency of Asia, regularly crashing of stock exchange market, unimaginable jump in prices of daily items of use like lemon being sold at Rs.400 per KG, increase in rates of utilities on an unending and continuous basis, exponentially increasing costs of health and education, reflects only one thing that there was now virtually no effective government in Pakistan, to protect the rights of the hapless Pakistani masses from the tricks and vagaries of traders, businessmen, industrialists and bureaucracy of the country.

Sir, the entire population of Pakistan is in severe shock, depression and despondency, due to this sudden economic crisis, severely affecting every Pakistani who is desperately looking towards you as a competent and honest leader and above all a saviour of the rights of the masses of the Pakistanis to act, and act fast to the stem the rot, before this crisis turns into an economic meltdown.

According to Britannica.com “Public authorities face a variety of crises, such as natural disasters and environmental threats, financial meltdowns and terrorist attacks, epidemics and explosions, and information and communication technology (ICT) failures. Crises are not routine events (such as fires or traffic accidents). Crises are inconceivable events that often take politicians, citizens, and reporters by complete surprise. Crises occur when a community of people—an organization, a town, or a nation—perceives an urgent threat to core values or life-sustaining functions that must be urgently dealt with under conditions of deep uncertainty.”

Britannica.com further states that “These dramatic events create tough challenges for public authorities and their organizations. Critical decisions must be made and implemented under considerable time pressure and in the absence of essential information about causes and consequences. Even if the conditions for effective action are severely impeded, citizens expect governmental leaders and public authorities to safeguard them from the threat at hand.”

As such, extraordinary situations demands extraordinary steps.

Under the current scenario the people are fed up and no more ready to listen that Pakistan is suffering severe economic problems due to the loot and plunder of the past decade’s rulers, simply, because now Mr. Imran Khan is the ruler; and if any economic crime was committed in the past, why the responsible politicians, businessmen and bureaucrats are not arrested, their properties not confiscated and the national criminals put behind the bars, as yet, on any of such economic crime charges, by the PTI government?

People also ask why all past government players are roaming free (if they committed economic crimes) and entire burden of the economic crisis has been passed over to the masses, very conveniently by the PTI government?

Does the PTI government wants to punish the poor masses for voting it to rule over the country, without taking to task even a single person of the past regimes for its economic crimes?

Moreover, PTI’s government can not absolve itself of all its responsibilities to improve the economic conditions of the masses, by going the easy and most cruel way of simply increasing rent, rates and taxes and devaluing the currency and then asking the people to give sacrifices, while people’s representatives are enjoying all the fruits of being in power.

People also ask why the PTI government has failed to reduce the massive/huge expenditures on the bureaucratic establishment and why advisors of the cabinet failed on their jobs and even then they have not been removed?

Why absolute austerity is not mandated in the government affairs by law, in these times of severe economic crunch?

Why people are not being told about the past government’s spendings of the huge foreign loans?

Why the energy audit of the IPP’s decided by the cabinet in its first meeting under Mr. Imran Khan as PM, has not yet been conducted?

In view of the foregoing crisis, created under PTI’s tenure of government, you may take all matters in your own hands, declare an economic or national emergency and form an Emergency Advisory Council of Pakistan (EACP) to:

~Devise, execute and monitor all related policies for economic turn around of Pakistan in the shortest possible time

~Immediate steps for stopping of funds leakages. In this regard the World Bank has already estimated about $18bn annual loss to Pakistan economy due to inefficient power sector, the World Bank has warned the government against increasing power rates as a tool to address fiscal challenges in the sector.

~ Immediate steps for reviving industry, agriculture, trade and business with particular reference to services and IT sectors

~ Immediate steps for drastically reducing imports and doubling the exports

~Generation of additional revenues

This EACP should act like a war cabinet of the PM of Pakistan, as the current economic crisis is no less grave in its devastation, than a full fledged war. The following world renowned eminent experts, impeccably honest, highly capable and reputed personalities of Pakistan may be considered for the membership of the EACP, with the status of the federal minister:

1. Dr. Ashrfaq Ahmad Khan.
2. Dr. Ikram ul Haq, who is an international tax expert also.
3. Mr. Shahid Sattar, who is also an international expert on energy related matters.
4. Dr. Salman Shah.
5. Dr. Muhammad Zubair.
6. Dr. Kaiser Bengali.
7. Mr. Shahid Kardar.
8. Mr. Nadeem ul Haq.
9. Mr. Hafeez Pasha
10. Dr. Atta-ur-Rahman
11. Mr. Asif Sharif

Best Regards,

Syed Nayyar Uddin Ahmad