Sovereign Economy.

THE coalition government led by PTI is struggling for last 17 months to get the grip of economy. It needed some shot in the arm to create investors' confidence but instead received a setback last week with the release of 2019 Corruption Perceptions Index (CPI) by the Transparency International, which shows Pakistan has dropped 3 spots to 120 position amongst the 160 countries, thus placed us amongst the band of higher corrupt countries.

Despite increased accountability launch in the country, the corruption continues to burden the lower income groups first with the increased prices of the basic food items, education and health facilities; secondly the weak governance talk of controlling the corruption but unable to control its own service delivery mechanism, leaving the citizens to the whims and fancies of corrupt segment of society.

It seems the government is spending proportionally large chunk of its time and resources on foreign visits and foreign affairs compared to national issues. One hopes this will result in putting pressure on India to end violation of fundamental rights in Indian occupied Kashmir, stop violation of LOC and killing innocent citizens, and adhere to implementing UN resolutions; containing US pressure for scaling down CPEC plans; eliminating terrorism specially in Quetta; and increasing regional trade links like TAPI gas pipeline.

Economic challenges and impact on people of Pakistan are visible in various economic indicators. The GDP per capita in this budget year came down to US$ 1,388 from 1,545; electricity rates per unit increased to 17.69 from 11.71; domestic gas rates increased per MMBTU to 300 from 127; Petroleum products too scored big increases. The inflation rocketed to 12.42 from low of 4.1; circular debt increased to 1.66 trillion from 1.18; external debt increased to 107 from 95.097. Enough for the economic indicators which have direct bearing on social indicators. We should be working to put them in right direction rather than creating hopes only.

The 17-plus months which included full year 2019 and full budget year July 2018-June 2019, the federal government was seen wanting in taking timely decisions and when decisions were taken they were changed such as: admitted failure of selecting unprepared and inexperienced economic team later replaced with economic managers of previous governments for enforcement of internationally directed policies which 'hit' the common man as well as time tested friends like...