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Amar Zafar

The Pussycat ain’t Purring Yet

Despite Pakistan’s economic travails and the battering it has taken with respect to fudging of statistics, the State Bank of Pakistan (SBP) survives in international financial perceptions as a credible institution, this reputation derived from being blessed with good leaders. While disagreeing with Dr Yaqub on some issues, among them the freezing of foreign currency accounts which made his inclusion in the military regime’s initial National Security Council incongruous, he ran a very taut ship in deteriorating economic circumstances, balancing the economy on a fail-safe line between the penchant of two successive political governments alternating in taking us down the slippery road to economic apocalypse by contradictory self-serving economic policies. Instead of abandoning ship under fire, Dr Yaqub remained on the burning deck to try and limit damage to the economic fabric of the nation, together with the then Finance Ministers holding off IMF-savaging of our poverty-stricken masses, during this period almost the whole of the lower middle class, mostly salaried persons, slid below the poverty line. Inheriting an exceptionally horrific economic situation but Dr Ishrat Hussain’s no-nonsense performance-oriented abilities have been complemented by the singular authority of a military regime, the perfect recipe prescribed for economic recovery, provided sound policies are conceived and implemented by those who are supposed to do so.