Last week dollar ($) rate again skyrocketed and touched Rs165 intra-day. It not only indicated exacerbation of already deteriorated economic fundamentals but also scuttled down claims of the government ministers that economy has started resuscitating. As a matter of fact, it corroborated the claims of some of the opposition members that the financial team of the current government committed with the delegation of IMF that dollar rate will be taken up to the level of Rs 180 – a claim that members from treasury benches have been refuting.
This spiraling growth of dollar –exponential in current week- drew flak from the business and traders forums. This lava in the smoldering volcano was in the making since nosedive of Pakistani Rupee and steady rise of dollar. As usual instead of shouldering the responsibility for this debacle, government is seeking some Dollar Mafia to blame. Baseless and uncorroborated news are being disseminated on social Media about covert meetings of the Opposition bigwigs with some [International] money exchange mafia to further dwindle the value of Pakistani currency. Instead of bearing [justified] criticism of Opposition, Government ministers are taking on the Opposition for their alleged involvement in quagmire of currency devaluation.
Allegations of hoarding dollars were made on the similar lines as last year, when Rupee slipped from Rs 128 against dollar soon after the current Government assumed charge. General public has time and again clamored for stern action against the mafia –if any. But, it proved just a face saving stunt by the government to cover for below par performance. News of the arrest of some key members of such Mafia were spread which died down with the time when no supporting evidence surfaced. It seems the only response of the current government to the crippling economic indicators, is to give farcical speeches and ensuing pandemonium in the parliament. How come answer to questions about government’s capability to give direction to economy, are counter questions and mud-slinging.
To encapsulate, concrete and concerted effort is needed for getting the country out of the current economic shambles. Current approach of government towards slaying hydra-headed monster of inflation and currency devaluation will do anything but galvanize much needed support from the general Public. With giving their best on the economic front, government’s ministers also need to take stock of their response towards criticism of opposition. It is opposition’s role to censure, not the Government’s. Most of all Prime Minister must have courage to forebear criticism of the opposition on this fiasco, because he was the one who used to bash the preceding government on currency devaluation and termed it as a sign of economic crunch. If currency devaluation was a bad thing in previous regimes, how it can be a good one in this Government. People need to be told the truth about the performance of the government on the economic front. If currency is devalued due to bad economic situation, why try to implant some ghost mafia in it. This is a new practice in ’New Pakistan’ where bad performance is window dressed by implicating ghosts in the story.