This is apropos a Business Recorder news item "FY17 growth seen at 5.2pc: Panama Papers enhanced political risks: World Bank" carried by the newspaper on Sunday. According to it, the WB latest report "Pakistan Development Update" launched Saturday in collaboration with Lahore School of Economics states, among other things, "Privatisation efforts have stalled, which has also affected the broader reform efforts in the electricity sector, with the resurgence of circular debt.

FBR performance in tax collection is below target, after several years of very strong performance. Reforms in areas that require collaboration between federal and provincial governments remain challenging." The global lending agency, in other words, has in fact exposed a 'culture of defeat' insofar as country's economic policymaking is concerned. The situation has created many challenges for the authorities concerned. The major challenge is the export slide that has led to lower foreign exchange earnings and a reduced number of jobs. The textile export numbers for the first 10 months of FY2016-17 also present a grim picture.

Copyright Business Recorder, 2017