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devaluation

Federal Budget circa 1990 – II

The coming Federal Budget promises to be a milestone, a truly once-in-a-decade turn in the financial road should be more than expected, the PM has been dropping enough warnings of impending tough measures. With a populist Government dedicated to the task of finding solutions for the common man, yet hobbled with an economy in utter shambles because of muddled half-baked policies towards the fag end of the last regime, the Federal Budget promises to be a fine balancing act between the need to re-invigorate the economy by giving intending (and present) entrepreneurs due incentive and the contradictory need for imposing more taxes as a form of additional revenue to run the business of Government. What is more possible is that the Government goes in for a one-time massive devaluation, telescoping the creeping method projected for the next year, thus building up badly-needed government revenues. This is in all senses of the word a risky enterprise, with the increase in cost of import, inflation is a sure bet. Big business has not taken to its heels at the advent of PPP, on the contrary amazing accommodation has been shown, barring few aberrations, on both the sides to come to a mutual working arrangement, this is a significant milestone for democracy, business feeling safer historically with the stability of Martial Law Governments. One wishes that the same pragmatism would be seen in the relationship between the Centre and the Province of Punjab so that Pakistan should shrug itself off from the present state of limbo and get on with the task of economic emancipation. The churlishness has gone far enough, the governments at the Federal level and the Provinces are not petulant Under-19 teams.

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