PTI Government achievements in 100 days – Ali Haider explains.
After assuming power, Pakistan Tehreek-e-Insaf (PTI), has faced many gigantic economic challenges. Here is a break down of PTI Government achievements.
After 100 days in power, the PTI government has improved the economic situation of the country. In its first 100 days of governance, PTI government has taken a number of steps.
PM Imran had unveiled his 100-day plan two months before the general elections on May 21.
There were many sectors where PTI Government had to face some serious challenges. At the same time, there were sectors where it succeeded.
There’s a lot of talk about the IMF these days, as a bailout has become inevitable. Pakistan has gone to the IMF repeatedly since the late 1980s. The last time was in 2013 when Islamabad got a $6.6 billion loan to tackle an economic crisis.
However, there are fears that the terms of any new loan will be more stringent than those in 2013, due to tense relations with the US, the lender’s biggest donor.
The country has once again approached the monetary body for a bailout. However, the loan comes with its own set of restrictions on the economy.
The reasons for pending a decision is the IMF’s harsh condition that Pakistan should adopt a free float exchange rate regime rather than the existing managed exchange rate.
The sources said this is one of the reasons behind $627million reduction in the reserves in just one week that ended on Sep 28, reducing the gross official reserves to just $8.4 billion.
They said the IMF projected a fair value of rupee above Rs145 to a dollar as against the current rate of Rs125 to a dollar.
The statistics of IMF
The sources said the second tough condition of the IMF is to increase the interest rates at least a minimum of 2.5% to 4%.
At present, the key interest rate is 8.5%, which the IMF wants to see in the range of 11% to 12.5% to contain inflation and narrow down current account deficit. The prime minister wants to avoid the IMF.
He told journalists a few days ago that the government is in contact with friendly countries to resolve the crisis.
After assuming power, the PTI officials are warning civil bureaucracy against making public complaints against politicians. The PTI functionaries are inimical to the behavior of deputy commissioners of Chakwal and Rajanpur.
They had publicly complained about political interference by local PTI members of the National Assembly, saying that such conduct will not be accepted.
And instead of making public complaints the officers should follow their chain of command, or else they would face disciplinary action. However, the PTI top cadre says that that the bureaucracy must be independent and professional
Assistance from friendly countries:
The PTI government is trying its best to avoid the IMF and instead, it is reaching out to Saudi Arabia, China, and Gulf countries to shore up its forex reserves.
PTI government has taken aids from friendly countries and has improved bilateral ties. Prime Minister Imran Khan has visited China recently.
During the visit, the Chinese ambassador held a meeting with Imran Khan and had a follow-up session with him in which matters relating to taking the CPEC to the next level were discussed.
Chinese officials have assured that China as a friend would stand by Pakistan.
Moreover, Prime Minister Imran Khan’s visit to Saudi Arabia is a positive step in the right direction and it would be highly beneficial for our national and economic interests.
The politics of Karachi
Karachi is going to be a hallmark for PTI Government. We should give the credit to PTI for breaking the status quo in Karachi.
The city used to be under the control of one party. PTI has broken the status quo in Karachi and emerged as a new power.
MQM and PPP used to enjoy the power of Karachi but now PTI is a major stakeholder.