Bloodbath at PSX
AFTER the extended rout at the Pakistan Stock Exchange over the past few sessions, there are few doubts about how the PDM government’s management of the economy is being viewed on the street.
Since last Friday, the benchmark KSE-100 Index has shed around2,000 points (about 5pc) due to panic triggered by the PTI’s decision to dissolve the KP and Punjab assemblies, as well as speculation that the government has missed the window to conclude negotiations with the IMF for the ninth review of its ongoing bailout programme.
“The situation is bad. Nothing will change until the IMF’s ninth review is completed,” as one market pundit put it. He was describing Tuesday’s carnage, which saw about Rs200bn wiped out from market capitalisation. The situation is, indeed, quite bad and likely to continue to remain so thanks to our political leadership’s inability to act responsibly even when the country is in flames.
Over the past six years, the total value of shares listed on the stock exchange has reportedly declined from about $100bn in 2017 to around $24bn presently. There is a range of factors behind this massive decline, but the bottom line is that anyone who put their money in stocks as a long-term investment would have lost more than three-quarters of its valuein dollar terms over that period.
With returns like these, there is little wonder that so few want to invest in Pakistan. Even after the economy began hurtling towards a precipice some 12 months ago, our economic managers have been unable to do much to avert disaster. Both the PTI and PDM took disastrous measures to protect their politics.
First, fuel and energy prices were frozen in the first half of the year; then, the dollar-rupee exchange rate was unofficially frozen in the second half. The price of both decisions continues to be paid by ordinary people, as whatever wealth they had has evaporated under searing inflation.
While much blame lies with the incumbent finance minister, who has failed to come up with any logical or coherent strategy to bail the economy out, other politicians also deserve to be castigated for the role they have played. Since last year, the PTI and PDM leaderships have demonstrated that they care little for the country’s economic health when their political interests are on the line.
Both factions have indicated a reckless disregard for the consequences of political brinkmanship on the future of the people they claim to lead. As a result, the cycle of instability triggered last year due to the vote of no-confidence has grown progressively worse and a sense of despair now poisons every aspect of life.
How long must the country bear punishment just so the egos of a few powerful people can be satisfied?
Published in Dawn, January 19th, 2023
Welcome move
WHERE matters of dubious blasphemy charges are concerned, the role of many ulema in Pakistan has, unfortunately, not been a positive one. Instead of counselling restraint, overzealous preachers are often found to be egging on mobs baying for the blood of the accused, with often tragic consequences. However, the announcement by a group of ulema to support a female Christian employee of the Civil Aviation Authority against false blasphemy charges levelled by a co-worker is a welcome development. The woman was accosted by the male co-worker after she reportedly did not allow him access to a part of the Karachi airport as the man was in a vehicle without a number plate. To this ‘affront’, the man threatened to implicate the woman in a false blasphemy case. The brave officer must be commended for doing her job and not caving in to threats, while the individual responsible for making this false, incendiary accusation must face the law. He has already been suspended by the CAA. Meanwhile, Allama Ziaullah Sialvi representing the Ulema Amn Council of Pakistan has met the female officer involved and has assured her of full support.
The fact is that more ulema in the country need to show such courage when countering spurious blasphemy charges. There are far too many examples of how personal disputes are given a religious colour in this country, with those facing trumped-up blasphemy charges lucky to be still alive. The 2021 mob lynching of Sri Lankan national Priyantha Kumara in Sialkot is perhaps amongst the most infamous of such incidents, as the non-Muslim man was murdered on the basis of a similarly unsubstantiated claim. In other cases, unlettered individuals have been accused of writing blasphemous material. In the case of the incident at Karachi airport, the episode was luckily recorded to prove the patently false charges of the accuser. In other instances, where there is no such evidence, hearsay can become the basis for mobs to go on the rampage. This shows that where cases of alleged blasphemy are concerned there is much that we do not know regarding what actually transpired, but fanatics do not need proof of guilt to murder. As activists have pointed out, if there were strict punishments for those levelling false blasphemy charges, perhaps this disturbing trend could be contained, and many lives saved.
Published in Dawn, January 19th, 2023
Violence at Sann
THE birth and death anniversaries of iconic Sindhi nationalist leader G.M. Syed usually pass off without incident, as various groups espousing nationalist views gather in or near Sann, Syed’s hometown, to mark the occasions separately with speeches and rallies. However, this year, the late nationalist’s birth anniversary programme was marred by violence on Tuesday, as police clashed with members of different parties. As per the law enforcers, members of the banned Jeay Sindh Muttahida Mahaz were present at one gathering and planned to raise anti-state slogans. When police tried to stop the proceedings, the participants clashed with them. By the time the dust had settled there were injuries on both sides, while rioters had torched two police vehicles.
While one can certainly take exception to the controversial slogans raised at such events, the police appear to have overreacted to the situation. The fact is that such slogans are part of the proceedings at these programmes every year, and it is best to ignore them, unless of course, individuals indulge in acts of violence. The fact is that violent Sindhi nationalist entities have a very small following in the province, thanks largely to a healthy political culture in Sindh. But, if the administration cracks down on elements simply for expressing their views — however unpalatable — alienation against the state will grow. We have seen this happen in Balochistan, and earlier, in the then East Pakistan. In fact, much criticism has lately followed the reported comments of a senior military officer that those who, in future, stage protests in Gwadar will be sent to jail. This is certainly not the way to win hearts and minds. Arguably, the best way to counter anti-state sentiment is to address the root causes fuelling discontent. This involves good governance, ensuring protection of fundamental rights and promoting a democratic culture nationally. This would be a much better option than beating dissenters into submission.
Published in Dawn, January 19th, 2023