Unending dance

The government appears to have clinched the long-awaited IMF deal, but I still fail to understand why we have been doing this dance with the global lender for so long and how much longer we will continue to do it before we do what is needed to achieve economic self-sustenance. There was much complaining by our leaders about geopolitical machinations as the reason for this deal being so delayed. However, unless we get our own house in order, we will always be hostage to international financial institutions and the countries that control them.

We need to be enforcing financial discipline by reducing expenditures, cutting red-tape, growing tax revenues and the tax base and eliminating the black economy. Instead of giving away land for real estate development, we should use it to promote industrial development. These steps will help us create a conducive environment for investment in job-creating industries and exports. Furthermore, given the mountain of debt we are under, we can no longer afford to subsidize the ostentatious lifestyles of the ruling elite. We should instead follow the sentiments of the IMF chief and ensure that subsidies go to those that need them most.

Malik Tariq Ali

Lahore