Government lacks capacity to fix the economy

The foremost economic problem gripping our nation is undeniably the government's alarming budget deficit. Moreover, we cannot overlook the gravely concerning issue of exorbitant food inflation, posing a significant threat to our economy. Additionally, an overwhelming Rs73 trillion public debt, the staggering burden of a Rs4,000 billion energy sector circular debt, and an unsustainable trade deficit, further compound our economic woes. These challenges persist irrespective of the existence of the International Monetary Fund (IMF). It is worth noting that since our membership initiation in 1950, we have entered into 23 IMF arrangements, yet disappointingly, the government has only managed to complete one of those arrangements, and even that came after more than a dozen waivers. Considering the passage of 73 years, it is high time to acknowledge the government's evident lack of capacity to rectify our ailing economy.

Here are the two indispensable measures that the government must opt for: recruiting expertise domestically and internationally, and promoting evidence-based decision making (as opposed to political-based decision making). These measures are not mere options but rather essential components that must be embraced-the sooner the better.

The government must focus on recruiting qualified and experienced individuals in various fields to ensure competent leadership and efficient governance. By appointing experts in key positions, such as economists, scientists, technocrats, and specialists in different sectors, the government can leverage their knowledge and skills to address complex challenges effectively. This approach would lead to more informed decision making and better policy implementation.

Emphasising evidence-based decision making is crucial for effective governance. Policymakers should rely on robust data, research, and analysis to inform their choices and understand the potential impacts of different policies. By establishing research institutions, promoting data collection and analysis, and collaborating with academic and scientific communities, the government can access reliable information and expertise. This approach will enhance the quality and effectiveness of policies and programs.

The situation we currently find ourselves in demands immediate and assertive action. We are at a crossroads where the consequences of inaction far outweigh any discomfort that may arise from the steps we must take. It is clear that there is no other way out but to confront the challenges head-on.

The urgency of our circumstances necessitates a paradigm shift in how we approach these issues. It is evident that half-hearted measures and incremental changes are insufficient. Bold and decisive action is required to break free from the shackles that bind us to the status quo.

Inaction is not an option. The time for hesitation has passed. The path may be uncertain, but the alternative is simply untenable. Now is the moment for unwavering determination and bold decision-making. There is no other way out but to face these challenges head-on and shape a future worthy of our aspirations.