Pakistan’s troubles demand unity: Financial Times

World’s leading financial daily believes that the hopes generated by the February 18 elections are evaporating. In its editorial comment, Financial Times also says that Pakistan is rising rapidly up the global risk register.

“The country, a nuclear power, and its 165m people are beset by a deepening political and economic crisis, of which Thursday’s riot at the stock exchange is but a small manifestation. Yet elected politicians seem unwilling or unable to do anything about it,” the newspaper says.

According to the newspaper, in some respects, the politicians have been unlucky. It is not their fault that they took over the reins of power just as global food and energy prices were exploding. Subsidies on fuel and food - increased by Pervez Musharraf-made matters worse, forcing the government to choose between two unpalatable alternatives, letting prices rip or watching government finances spiral out of control.

At the moment, they have the worst of all worlds: inflation of 12 per cent and accelerating, and a budget deficit already equal to 7 per cent of gross domestic product.

“It would be serious enough if this were the only issue the government has to confront. But developments in Pakistan’s lawless tribal areas bordering Afghanistan are heightening tensions with its neighbours, and preoccupying the US and its Nato partners.

Pakistan’s army appears to have resumed confrontation with religious militants in these areas, but the extremists have taken advantage of recent cease-fires to launch bolder incursions into Afghanistan. These have already led to hot pursuit missions over the border into Pakistan, which, if they continue and intensify, can only strengthen religious extremists inside the country,” the newspaper says.

The newspaper is of the view that the outside world can help Pakistan with finance for development. Yet, the newspaper argues, the solutions really lie at home. “There has been a worrying vacuum at the centre, which has meant that the government has hardly moved to address these gathering problems.

The reason has been that the heads of the main political parties, Asif Ali Zardari and Nawaz Sharif, have failed to set aside their personal rivalries and thirst for power to govern together to help manage the crisis,” the newspaper says.

On the role of chief of army staff, the newspaper says that “fortunately”, so far, the head of the army, General Ashfaq Parvez Kayani, has shown no desire to step in to “solve” the gathering problems. “Indeed, military government provides no real answer, as recent history shows. But unless the party leaders come together for the sake of their country, Pakistan’s elected party leaders may find that the crisis consumes them too,” the newspaper says.