Dar picks up the gauntlet

Had not Ishaq Dar (vaish) a3sserted properly, the global yardsticks to judge Pakistan’s growth, I mean the economic vertical jump, would have continued to err on the lower side churning out figures lower than the actual growth.

I call him Darvaish in a somewhat different perspective which also spells as dervish in English dictionary, given his penchant for work and work with perhaps no room for worldly reliefs and pleasures in this workaholic routine.

Of course, no amount of shrewdness can work while dealing with the shrewdest of all which means those who run the show of global finances or who can be aptly termed as the Chaudhrys or overlords of the world in all material-cum-economic terms.

They are the overlords since they are the ones who not only rate but also dictate the economies of the world. If Dar has stared into their eyes and told them to mend their ways (improve their yardsticks especially Pakistan-specific yardsticks and make them realistic and transparent), it is an achievement which can be credited to consistent, hard work, not shrewdness.

This was the considered opinion of a number of Pakistani businessmen as well as literati (and digerati included) settled in the United States whom I happened to meet during my two visits to that country. They opined that Pakistan needs more and more economic philosophers like Ishaq Dar who knows how to drive the country out of morass and economic instability without getting unnerved over the difficulties and odd attitudes of global lenders and finance wizards.

What makes them call Mr Dar an economic philosopher, was my question posed to most of these Pak Americans? They said it was the perseverance of Pakistan’s Finance Minister in easing external pressures and in arranging more and more funds for his country’s mega projects including the big dams that are direly needed for power generation and for preserving water. 

Which funds and which dams? I was told that like an astute strategist, Dar has devised a strategy to arrange funds through a formula that is, in a way, akin to ‘energy mix’. It is a ‘money mix’ formula: where money is available it will be obtained on easy terms and where it is not readily available with the world’s major financing/lending agencies, sovereign guarantees would be obtained which would further enable funding of our big projects.

Adding further to my excitement, it was also made known to me that it is not a formula ‘under mere contemplation’ rather the process has started in full swing and is making positive strides since months.

It was amazing to hear all such observations. Now I understand as to why the Government of Pakistan has devolved so many responsibilities- and strategy committees including constitutional/law committees- on Mr Dar; and as to how our FM is, at times, claiming that Pakistan is likely to achieve approximately five percent growth rate during the current financial year and that the World Bank, in its flagship report, has forecast the GDP growth in the South Asia’s second biggest economy (Pak economy) at 5.2 percent for 2017 with the growth expected to accelerate from 5.5 percent in 2018 and then to 5.8 percent in 2019. It is also said that the country has successfully completed the IMF programme first time ever and is now considered as a case study of economic turnaround due to prudent policies and macro-structural reforms. So, it is in prudence where we should find some light out of the dark tunnel. I wish that this prudence becomes the order of the day in all our pivotal sectors. It is never too late to be prudent.

....mianrehman1@gmail.com