Why not hand over our economic management to the IMF?
CHITRAL: Every now and then our governments run to the IMF for financial rescue. We want loans upon loans from the monetary institution to cover our expenses as we continue to live beyond our means. As per reports, he current appeal to the IMF to bail us out has been responded by the fund’s demand to publicly declare personnel assets of all the cabinet members, before any progress on the loan talks can be made. This is the state of our credibility in the eyes of the world.
It is sad to suggest but as near to ground reality as can be, that, we should hand over our financial management to the IMF for at least ten years, so that basic problem with our economy can be diagnosed and resolved thereupon. In any case we are following their dictations in bits and pieces, but largely follow our own flawed system of economic management which essentially is based on taking loans and looking for alms in the form of grants, but making no effort to tighten our belt and stand on our feet.
The wastage of money on government institutions, both the civil and the military’s non operational expenditures, in-efficient handling of pays and pensions, faulty tax collection system, and frittering away money on politically motivated short term projects instead of long term investment have been the weakness of all governments. throughout our history.
No elected government however well intended it may be can resolve these problems due to political pressures and fear of unpopularity. Only the IMF can impose reforms which may sound bitter but good for our health. Just like the bitter pill does it’s job.
We keep talking of corruption but never of misgovernance, which is a graver problem and infact the mother of corruption. The IMF can attend to this with the baton of economic help in hand, using the ‘stick and carrot’ approach., but for that it must have total control of our economic management for at least ten years. .. CN report, 22 April, 2022.