Elections 2024: Economy and election manifesto with a common man’s vision

In the backdrop of the coming elections on February 8, 2024, all the political parties are competing election manifestos which are the fundamental documents on which supposedly considering a rational choice model, all the voters’ needs to be focused.

A manifesto is a roadmap of a political party as to how effect the policy of the government whether government or opposition which effect the common people of Pakistan. It’s a kind of declaration of a party, vision and voice of the people. A manifesto must identify with the multiple issues facing Pakistan now including climate change and ecological order and economic crisis Pakistan has passed through previous year. Do we have manifesto which talks about a sustainable, equitable and just Pakistan. All contesting election parties in upcoming election need to advocate the policies that how they can influence the most important economic policy in the country. What are their initiatives for bringing the real economic change in the country, only mentioning building few houses, roads and jobs will never help brining any change in the existing economic turmoil of the country.

There are two new dynamics to be added in the context of upcoming election manifestos this time which got no attention in the earlier elections, one is the element of ecology, climate change, damage and loss funds and climate financing, how the parties are going to materialised the funds and how are they going to capacitate the institutions and professional to absorb these funds.

As Cope 28, 2023 held in Dubai has particularly marked with this element, when in the first day 700$ (m) were pledged to Pakistan, but it is not released directly to Pakistan under the assumption that Pakistan does not have capacity to absorb the funds for the implementations of the funds activities. That’s a leading point for the parities to focus that do they have plan for the climate financing as by the 2025 these funds will be required by 2(b)$, how are they going to deal with this challenge, given that economic conditions of Pakistan where 25(b)$ required annually to bring back Pakistan economy on the trajectory of development. Presently 75% of GDP is based on the debt which should not be crossing 50% in any case. Our population growth is 2.6 per cent whereas growth is less than 1 %; even it goes up to 3 percent it would be still eaten up with this trend of population growth. What is mechanism to control population and add on the GDP growth can be important leading point for the manifestoes.

Most importantly are the party’s manifestoes reflection of comprehensive policies, for an economic recovery, stability and self-reliance. As the promises we see now in the promising manifestoes are not realistic but contain perils. The voters have to be conscious of the promises of such idealistic and impractical promises which have no fiscal basis as no economic cushion is available in public exchequer where government can take leverage of reducing inflation immediately, reduce utilities prices and above all give heavy subsidisation on the power or any other utility in Pakistan.

The writer is working in International Islamic University as Head of the Department of International Relations and Political Science.