Asad Umar as Finance Minister (FM) was anathema to the Opposition. Led by the Pakistan Muslim League (Nawaz) and Pakistan People’s Party (PPP) they ganged up to orchestrate a vociferous campaign calling for his ouster. Unrelenting in their attacks every single decision by Asad was criticized day in and day out. Since he was neither an economist nor a banker they focused on Asad Umar’s apparent lack of experience to be a Finance Minister. Tapped very early to be the Pakistan Tehreek-e-Insaf (PTI) nominee for the Finance Minister’s post, Asad did not let his perceived shortcomings overwhelm his performance. Given the economic mess he inherited he was very good.
PPP Chairman Bilawal Bhutto Zardari recently expressed “indignation” at Umar’s remarks about the wave of inflation he foresaw coming, terming it “deplorable”. It was ironic that Asad was targeted particularly by the PPP, where inconsistent policies are (but not solely given PML(N)’s input) responsible for the economic morass Pakistan is in today. Ishaq Dar spent US$ 8 billion of our precious foreign exchange resources to keep the Rupee overvalued. Once PTI took over the reins of governance, Pakistan needed almost US$12 billion to avoid default, yet the Opposition is getting away with blaming PTI for our economic problems. The Opposition successfully obscures the fact that Asad Umar for nine months prevented Pakistan from spiraling downhill into the economic apocalypse where the PML (N) govt had intended to bring Pakistan into. His first challenge was to find money to repay debts to avoid default while at the same time trying to stabilize the economy for sustainable growth. The debt burden had jumped from just Rs.6 trillion to Rs.30 trillion during the last eight years. Notwithstanding the no-win situation with respect to foreign exchange repayments, Asad refused the tough conditions initially imposed by IMF and convinced Imran Khan to go to our friends such as China, Saudi Arabia, UAE and others to obtain funds to bridge the financial gap while IMF negotiations proceeded. Because of these friends Pakistan could get terms that are far more favourable for the country than originally proposed by IMF.
Going to the IMF had become absolutely necessary but with mischievous rumours floating around the situation has become murkier. Imran Khan’s media team needs to get the message out i.e. if they can find time from serving their own interests as they have done as “mercenaries” for every govt, Musharraf included
On April 18 Asad Umar resigned, refusing initially to accept any portfolio in the Cabinet he finally agreed to chair the National Assembly’s Standing Committee on Finance. Bilawal “congratulated” the nation over Umar’s “ouster”, saying the first wicket had fallen, then proclaiming childishly, “The govt’s entire team will return to the pavilion before the end of 50 overs”. Former FM Ishaq Dar chipped in with his two cents worth, “Asad Umar’s stepping down as FM reflected cowardice”. Of all the people Ishaq Dar should be the last person talking about “cowardice” !Unlike Asad who took a tough personal decision in the best interest of the country, not so my friend Ishaq Dar, fugitive with warrants out for his arrest in Pakistan. He ran away to London to avoid arrest in corruption and money laundering cases.
Instead of settling down to focus on the more serious matters affecting the country the Opposition seems to be working on a single agenda, to try and remove PTI govt by hook or by crook by still using whatever tactics at their disposal by spreading fabrication, lies and falsehood with persistence, aided and abetted by a section of the media that kowtows to the Opposition for its own interest, including financial rewards. They are desperate because the NAB is closing in on then through an anti-corruption web. Wishing to get relief from the hundreds of money-laundering and corruption cases, Zardari in fact faces possible murder charges, they have now turned their guns on Dr. Abdul Hafeez Shaikh the PM’s Advisor on Finance, Revenue and Economic Affairs. He replaced Asad Umar who incidentally has been “born again” overnight in opposition’s eyes while now Hafeez Shaikh is labelled a “lackey of the IMF”.
A renowned economist with considerable experience Hafeez Shaikh has proved his worth time and again, first with Gen Pervez Musharraf and then with former President Asif Zardari. He worked as a senior official at the World Bank for about 8 to 9 years i.e. from 1992 to 2000 advising many countries on the economy, financial and corporate restructurings and transactions. After 2000 Hafeez has had no contact with them in any professional capacity, instead has been a key member in some govts in Pakistan yet our Opposition cries foul that he is an IMF man. Ahsan Iqbal, PML (N) General Secretary claimed that “Imran Khan’s govt has turned Pakistan into a colony of the IMF.” The PML (N) changed two Finance Ministers during its tenure, the PPP changed five different faces. The PPP conveniently forgets that it had the very same so-called IMF man serving as their longest-serving FM for nearly three years. Why is it so convenient now to clamour against his being an IMF man?
The Opposition’s personalized attacks are not based on facts but aim to save their leaders’ skins, all will go to jail in some of the many cases NAB has against them. While it is the job of any mature Opposition to hold the govt accountable to the public, it must be seen to be acting as such. In a democracy the opposition represents an alternate govt responsible for not only challenging govt policies but also producing alternative policies where appropriate. Unfortunately our Opposition is striving to reach a minimum common agenda serving their motivated interests only, their only aim is to avoid jail, it has nothing to do with national interest.
In the IMF bailout package Pakistan would receive US$6 billion worth of assistance disbursed over a period of three years, stock market analysts reacted favourably saying it would ease investor concerns by bringing an end to uncertainty around the IMF’s programme. According to Dr. Hafeez Shaikh, “many things desired by the Fund the government already perceived as being in the country’s interest; they include aligning expenditure with resources, improve the functioning of loss-making state-owned enterprises, curtail the subsidies available to the wealthy classes and tax the rich segments.” Because the government wanted to send “a signal of financial discipline” and resolve fiscal challenges, the programme would entail raising prices in some areas in order to recover the costs. PML(N) spokesperson Marriyum Aurangzeb went overboard criticizing the govt, saying, “It was better for the PM Imran Khan to commit suicide than to have agreed to the $6bn deal.” With the top leaders of the two main parties cornered for corruption, their current mood is understandable. Maybe the PML(N) and PPP leaders should take Marriyum’s advice about “suicide” in the greater national interest. Going to the IMF had become absolutely necessary but with mischievous rumours floating around the situation has become murkier. Imran Khan’s media team needs to get the message out i.e. if they can find time from serving their own interests as they have done as “mercenaries” for every govt, Musharraf included. The burden will have to be borne by the people so they need to be reassured of the facts and what to expect.
