Billion-dollar carrot

The IMF successfully coerced the government into falling line with its instructions on debt restructuring and increasing of revenue, among others, and in all probability will release the first tranche of the Extended Fund Facility (EFF) during the course of this week. Regrettably, the IMF is not coercive where the violations of fundamental rights of a country, vis a vis universal franchise, is concerned. On its part, the government flaunted this invaluable tool on the public, as the only remedy for all its financial ailments. It was least worried of the consequences that would necessarily follow.

Taking the cue, professionals and trade union activists dangled the carrot of carrot of strikes to restrain the government on its implementation, the results of which are still in abeyance. Not to be outdone, the powers that be has refused to relent on the grounds that the economy has to be strengthened at whatever costs.

Now that the IMF loan has materialized, the government is already focusing its attention on securing further assistance from other lending agencies. How will the IMF monies be expended, and for what purposes? Naturally, the people would want to know since it is they who have to foot the bill at the end. The Treasury insists that it has no funds to provide for the conduct of LG polls. Just 10% of the rupee equivalent of the first tranche of US $ 300 million will suffice for the successful completion of the elections. Provided the government wants to.

The President has assured that no sooner the Agreement is signed with the IMF, he would submit a copy of it to Parliament. It would be prudent if he would also submit (without plucking figures from thin air) a comprehensive expenditure account on the disbursement of the first tranche. And continue to do so for the rest.

Being fully aware of the country’s top priority needs, attention should be focused on providing them at reasonable prices. Besides them, agriculture, fishing and domestic industries should also be given due consideration. Merely dangling of carrots before them will not suffice.

Non-essential development projects should be shelved until the dreamed of economic stability is achieved. Of special note is that upkeep and interests of politicians should not be addressed with these funds.Can the people expect some sort of genuine transparency even at this late stage?

WILLIAM PHILLIPSZ