AUGUST 8, 2019
It seems that as time goes by, Imran Khan’s government’s difficulties continue to worsen. When PTI took over the country’s keys, there were extensive plans to strengthen the economy and reform Pakistan’s bureaucracy among other goals, but it seems they were only very different. It was not possible to control the necessary aim to fill the fiscal deficit and adverse balance of payment after two mini-budgets by ex-Finance Minister Asad Umer. Finally, Asad Umer was voted out of office. In approaching the IMF for a bailout, hesitancy was noted. Calling it unfamiliarity or just simple gross mismanagement by the finance team, Pakistan has officially received the IMF’s 13th bailout package since the 1980s after the tremendous loss of time and havoc. Attempts by the Ministry of Commerce failed to tackle on a separate front the rapidly falling exports. The payment balance became worrisome. Export strategies and the tax break for business and industrial problems were rolled back. The decline in exports was more than any other mechanism during the PTI government. The foreign investment and the negative trend in the price of the Rupee were are one and the same with the export decline. Pakistan’s currency against the dollar has lost more than 30% of its value. After all, it seems that “something is spoiled in the state of Denmark.”
The government had to apply for a $5.8 billion package to all the stringent rules of the IMF to keep the economy going because of all the dissuasive statistics of the economy and policy backfire. The IMF advised the government to initiate an emergency financial plan to increase tax income and plug the fiscal deficit through direct and indirect taxes, along with the cancellation of major public subsidies and assistance packages. The withholding tax has been introduced in many areas to increase the tax net. The withholding tax has been introduced in many areas to increase the tax net. This includes buying cards, buying supplies from a business, worldwide travel, banking, real estate transactions, etc. The business community responded to the implementation of these reforms with an all-out retaliatory stance. From 13 July, traders, shopkeepers and business organizations in the primary cities of the country observed shutter-down strikes. Industrial giants from Honda and Indus Motors (Toyota) have selected to shut down production. In the heat of combat, the question must be asked whether the PTI government is in command or does it do the contrary of what is needed? The ancient maxim holds true that the majority is always inaccurate in a closer evaluation. Pakistan has run its political-point economic structure, ranking values rather than excellent management. Unpopular decisions, such as increasing the tax base, plugging smuggling, and lowering excessive expenditure, have not been made in the past. For the previous 40 years, imports of luxury products have not been confirmed, which installed the harmful payment balance in the first place. Building projects and infrastructure expenditure were supported on the grounds of political constituencies (Halka) instead of promoting a strong economic foundation. Because of fear of retaliation and reaction, medium- and small-scale traders were not brought into the tax net, ignoring that doing so would place additional pressures on the social wage and disenfranchised section. It is no surprise that retribution is facing these thousands of business owners in the tax net when applying the reform agenda. Everyone must share the tax burden, where it is due. The taxpaying one percent of the population cannot run the country alone. The nation appears to be facing the hard truth, the leniency and inaction of the past cannot continue. Land law needs everyone, as mandated by law, to pay their due. Attacks and lock-downs are a marginal price to pay for a better tomorrow, and a better world for future generations will only be viable through these statutory and genuine choices.
The Republicans want to show to the congress that they still have Pakistan on their side in the Afghan solution, while since 2017 Pakistan aims to stabilize the tense situations and encourage Pakistan to play its part in combating terrorist outfits on its soil
On the global front, the PTI government fared better. In short, Pakistan and China made substantial strides towards the epiphany of CPEC and One Belt and Road Project. As Asia’s trading gemstone, Gwadar’s development has enhanced Pakistan and its regional importance. Imports and exports are expected to rise through the port, and the country’s national economy will reap the benefits. Nations around the world were interested in the prospects of CPEC. The progress is closely tracked by the governments of both nations. It is worth noting that in the CPEC and One Belt and Road Project, India has no important role to play as the CPEC route runs through the sovereign territory between China and India. On the other hand, closer ties between Russia and China have increased the potential for strategic progress for Pakistan. President Putin has formally encouraged Imran Khan to take an active role in the Russian Economic Forum. China and Russia have joined hands in One Belt and Road Project, and in their neighbouring border regions connections and diplomatic exchanges are underway. India has been excluded in further progress from the Afghanistan Peace Process, while the US is actively participating in Pakistan in a peaceful resolution of the Afghanistan Taliban conflict. On 18 July, the International Court of Justice ruled the case of Indian Intelligence Agent Kalbusan Jadav in favor of Pakistan. Any evidence presented by Pakistan’s legal team to the Court in Hague has been endorsed. His sentence was maintained and it was decided he was not going to be released and his sentence was going to be valid. It is the diplomatic as well as the lawful crushing defeat of Pakistan over India. In another growth, International Air Space has resurrected, and all International Airlines are back in the habit of the country. Imran Khan visits the United States to meet Donald Trump for the first time in the same month.
Since Imran Khan and Donald Trump took office, ironically, both in a humorous and social context, they have repeatedly been associated with each other. To point out several, it was established that both politicians were energetic, both raised nationalism agendas and transmitted a non-war approach, both of which were celebrities who have become politics with tense marital problems. In dealings with North Korea and Iran, Donald Trump showed pragmatism, while Imran Khan escalated the situation with India and Afghanistan. The Republicans want to show to the congress that they still have Pakistan on their side in the Afghan solution, while since 2017 Pakistan aims to stabilize the tense situations and encourage Pakistan to play its part in combating terrorist outfits on its soil. The U.S. will be asked to change its “Do More” approach to Pakistan and keep a balanced attitude to the Pakistan-India dispute. From here it is obvious that things can only improve. Imran Khan is to show a smiling face portrait of Donald Trump, produced in Multan, with a vase of camel skin on it. Hopefully, they will give their respective people many reasons to smile on the day of the journey.