The comprehensive austerity drive under which the Federal cabinet, Ministers and others have to forgo salaries and other perks is a welcome move as austerity is the only way out of the current economic storm which is unprecedented in nature and which cannot be overcome without huge sacrifices at every level. This decision will also end the sense of deprivation among the masses as economic experts said that by taxing the poor, the Govt was creating a sense of victimization among the masses, who are already running from pillar to post to make both ends meet. However, with these latest austerity measures which need sacrifices from the high-ups, the masses will also realise that their coalition leadership is going to lead by example.

The massive cuts in perks of the Federal cabinet , ministers and other related dignitaries is much in line with the requirement of the situation as the country is at cross roads and without sacrifices at high level, the economic meltdown cannot be redressed.

As revealed by the PM Shehbaz, these austerity steps would save a massive Rs200bn annually.

As a matter of fact, these steps show that the “government has decided to set its own house right as under the new policies the  politicians and bureaucracy seems willing to  exhibit the spirit of sacrifice for the nation which is dire straits.

It is true that the current government had taken the reins of government at times when the country is faced with huge financial crisis and had inherited a troubled economy but this does not mean that only masses should be made to face the music for the economic policies of the previous government. The top brass and the Govt also need to share the burden of the economic crisis.

This is the second major austery drive announced by the current coaiton government. Earlier, last year, massive petrol quota cuts were announced by the federal and province governments as part of their austerity drive.

It may be recalled here that there was massive cut of massive up to fifty per cent in petrol quota of government employees at Federal and province level and it must be kept intact.

However, financial experts had then expressed the need for extending the canvass of austerity drive to cut the government expenses to meet the budget deficits and generate exchanges for meeting the debt deadlines and it is good to see that the Govt has finally opted for that massive austerity drive at last.

 The successive governments in our parts of the world including Pakistan are criticized the world over for their lavish government spending and unnecessary joyrides and as such our government should do away with avoidable spending as it is need of the hour. The government has acknowledged that the path ahead if thorny but they should tread this path as it is must for repaying the pile of foreign debt, otherwise Pakistan would land into Sri Lanka-like situation which has failed to meet debt deadlines and is deep in crisis.

At the same time one would agree with those at the helm of affairs who say that the massive increase in the POL prices was must in the wake of impending danger of further economic crisis.

If we want to avoid Sri-Lanka like debt trap devastations due to its failure to meet debt deadlines then we have to learn from their case which serves as warning for us.

 Defaulting on international loans can incur huge catastrophe on the nation and one way to avoid is to cut out expenditure and carry out a massive austerity drive at government level. And it is good that the Govt has finally opted for it.

As we saw there were months long protest demonstrations last year in the Sri Lankan island over the economic crisis by Lankan people, who were on the roads for months and their protest has finally culminated by forcefully entering the Presidential Palace in Colombo.

A state of emergency was declared as President Gotabaya Rajapaksa had fled the country and anarchy was loosened upon the Lankan society.

 Our country is also facing a similar unprecedented economic crisis due to piles of international debt which are rising with the passage of each day and a timely plan is needed to tackle the fast approaching crisis. Good times are now a distant dream but at least Sri Lanka like situation can be avoided with a comprehensive plan to meet debt deadlines which often loom large. It is high time the policy makers should learn from the Lankan situation as failure to pay back external debts has consequence beyond one’s imagination.

In the backdrop of huge economic crisis, financial experts say that both the government and the opposition should sit together to at least working together on implementing the austerity drive on the economic front and devise ways and means to pay back external debts.

However, it is pathetic to see that the PTI is no mood to assist the government in this regard. Rather it has started a ‘Jail Bharo’ drive which indicates that PTI is not sincere on economic issues of the country.

Now it solely up to the coalition partners to work together for fighting out the economic malaise. Good days can come only if the nation collectively strives to voluntary follow the austerity drive. Meanwhile, the Govt must also slash the size of the Federal cabinet which has increased to 85 members. On the other hand, one would advise the judiciary, the provincial and local governments to introduce similar austerity drives within their folds to help the nation out of economic crisis.

Published in The Daily National Courier, February, 24 2023

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