Living on a prayer?

Pakistan, often referred to as the Land of the Pure, is a diverse nation with 250 million citizens. Their conviction in their faith has allowed the majority of its citizens to endure disparities in livelihood, weather natural calamities, tolerate perennial shortages, and accept the relentless rise in the cost of water, electricity, and gas.

They bear the brunt of lawlessness, corruption, and the endless broken promises of politicians. It’s as though the citizens are singing Pete Seeger’s iconic American civil rights anthem, ‘We Shall Overcome’.

The economy, a barometer of the nation’s health, has been on a rollercoaster ride for decades, mainly due to the shortsightedness of policymakers, the criminal exploitation of national resources by the elite, institutional overreach, and the occasional surrender of sovereignty. Yet, the country endures, with a flicker of hope that deliverance is merely a matter of time. Citizens wait with bated breath for solutions to their problems, even as the current government struggles to find its footing. It’s as though they are yearning to sing Bob Marley’s ‘Get Up, Stand Up’.

Excitement gripped the nation’s economic managers and government spokespeople when an IMF representative confirmed that the Fund was still willing to bet on Islamabad, raising the ante to $7 billion. The euphoria was akin to discovering the Holy Grail, with the media suggesting that citizens could now relax, as an economic boom was on the horizon. However, the common citizen remains in the dark about the IMF, its conditions, and the true impact of the loan. People wait, assured that this loan will somehow benefit them. It’s as though they’re waiting to sing Barbra Streisand’s ‘Happy Days Are Here Again’.

Over at the Pakistan Stock Exchange, brokers are in high spirits as the PSX index soars. The bulls are overpowering the pessimists, cheered on by analysts, economists, and politicians alike. Across the country, from Manora to Mansehra and from Naseerabad to Islamabad, one hears the jubilant shouts of ‘Ole! Ole!’ Yet, the textile mill worker is baffled by these celebrations. He doesn’t understand why these cheers are heard at the weddings of the wealthy, why executives and bosses dance the Cha Cha Cha, or how the PSX index benefits him and his fellow workers. They tell him to relax, insisting the index represents a booming economy. But he still needs assurance that this index will help him survive the ever-rising costs. It’s as if the citizens want to sing Curtis Mayfield’s ‘Move On Up’.

There was considerable panic when rumours spread that foreign investors were jumping ship. This so-called exodus sparked intense discussions in trade bodies and stock exchanges. A prominent brokerage house eventually dispelled the myth, presenting compelling data: while 11 companies have exited or expressed intentions to leave, 16 new foreign firms are in the process of investing in local businesses.

Sectors like energy, mining, refineries, corporate farming, and exploration have attracted global interest, and net FDI inflows rose by 17 per cent in FY24. Yet the common citizen remains disillusioned -- no matter whose logo appears at the petrol stations, local or foreign, bus, cab, and rickshaw drivers still charge the same fares as when fuel prices were on the rise. It’s as if they are singing Queen’s ‘I Want to Break Free’.

Successive Pakistani governments, in their manifestos or policymaking, have consistently parroted the mantra of poverty alleviation, breaking the proverbial begging bowl, and implementing unsustainable social safety nets. They’ve promised various measures to reduce unemployment. It’s almost comical when ministers and their advisers, often with little understanding of economics or global fiscal trends, start singing their rallying songs about the march to economic prosperity.

Yet, political leaders regularly lose focus on their proclaimed objectives, veering off course due to half-baked ideas, corruption, and incompetence. Some initiatives, like the Benazir Income Support Program, Health Cards, Benazir Bhutto Shaheed Youth Development Program, and the Sasti Roti Scheme, aimed to bring immediate relief and long-term progress. However, most of these efforts fizzled out due to mismanagement, corruption, and a lack of political will. Citizens, whether attending political rallies out of passion or for a plate of food, soon realise that everything comes with a catch. It’s as though they want to sing The Beatles’ ‘Revolution’.

There is a sense of optimism in the air, particularly in Islamabad and at the PSX. The government touts economic stability with recent statistics: inflation at its lowest in nearly four years, foreign reserves surpassing $16 billion, the PSX index approaching 90,000, policy rates cut in recent monetary policy meetings, foreign direct investment up nearly 60 per cent, remittances rising by 44 per cent, and exports increasing by 14 per cent.

The IMF has acknowledged these improvements and advised that the momentum must continue, with a focus on reforms to benefit low- and middle-income households. However, despite these promising figures, citizens still face high food prices, unbearable costs for electricity, gas, and water, and transportation fees that remain steep. The ‘feel-good’ vibe promised during election time remains an illusion. It’s as though the citizens want to sing Natasha Bedingfield’s ‘Pocketful of Sunshine’.

To return to the main point, despite the good, the bad, and the ugly, the Pakistani people remain determined to face all challenges. Except, of course, for the brightest among them, who have left for foreign shores, the former government officials who escape once their tenure ends, and private-sector elites who prefer to park their wealth in foreign safe havens. The rest of the citizens continue to believe in the future. It’s as though they want to sing Kanye West’s ‘Ultralight Beam’, with its powerful prayer: “Deliver us serenity, deliver us peace, deliver us love, we know we need it.”

The writer is a former president of the Karachi Chamber of Commerce and Industry.