The IMF has rightly sounded a dire but timely alarm that Pakistan’s inflationary spiral is swirling at a breakneck pace. Holding the government’s unchecked spending responsible, it warns that the deteriorating levels of the economic growth whose present rate stands at 3.2 percent is too meagre to bring any positive change in people’s lives. The IMF report also expressed concern over the energy shortfall for hurling the country deeper into the fiscal quagmire.

The state of economy is not going to change with words only that the current finance ministry is uttering. There have been some decisions because of Supreme Court’s intervention like the decrease in the CNG prices, moves that are barely enough to counter what has formed into a whole plethora of ills afflicting the country. As the IMF rightly mentioned, it is the ruling classes’ habit of wasting money that is a major cause of the rot. A golden suggestion that it has offered is to increase the powers of the State Bank to enable it to enforce fiscal discipline within the government’s ranks. The bank has been, for instance regularly clamouring against the current practice of printing extra currency notes, something it is forced to do at the government’s behest. Apart from causing inflation, it weakens the economy in lots of other ways at whose receiving end are the ordinary people.