Pakistan has no scarcity of resources. It was one of the richest countries when it built its industrial infrastructure in the 1960s, constructed mega dams and became a model of planned economy. Asian tigers of the Far East like South Korea followed Pakistan’s model of development and see where they are. Pakistan’s economic managers in those times were internationally renowned people like Dr Mahbub-ul-Haq. Pakistan was dismembered in 1971 followed by an economic meltdown, not necessarily as a result of the war. Rupee lost it value vis-à-vis dollar in the 70s. It was for the first time that load-shedding was introduced. Rationing of food and other essential items was order of the day as if Pakistan was living under World War II conditions. Industrial production came to a grinding halt because of reckless nationalization of small and big industries, even banks and insurance companies. Pakistan’s economy in those years was largely managed by an engineer, Dr Mubashar Hasan. In the following years i.e. 1980s situation was reversed with stable economy and abundant resources, and also Dr Mahbub-ul-Haq at the steering wheel once again. This era saw last of the budgetary surpluses. 1970s was replayed in 1990s. 1980s was replayed in 2000-2007 and now we are facing a worst economic meltdown. No electricity, no business, no cash, no food. One wonders if it has got something to do with resource availability. Is it misgoverning of resources or is it some grand Zionist design through IMF, World Bank and USA to bleed this citadel of Islam? Or simply we are bleeding ourselves for personal interests of a chosen few.
In these extra-ordinary times, who do you think should manage Pakistan’s economy? People’s representatives having no educational background but having enough experience of managing government funds or technocrats having fancy degrees from LSE, Harvard, etc but no experience?