1.PML-N
To prevent Pakistan from going into economic default, the Pakistan Muslim League-Nawaz (PML-N) made a heavy sacrifice. Amidst severe political and economic difficulties, the party took action to stabilize the economy and win back international confidence. Decisions made by the PML-N that put the interests of the country ahead of political expediency have had a significant impact.
2. PML-N’s Approach to Economic Difficulties
A shaky economy beset by an escalating fiscal deficit, low reserves, and external debts was handed over to the PML-N government. The party implemented measures to prevent default in spite of these obstacles.
a. Engaging in Bargaining with Foreign Debtors:
To restructure Pakistan’s debt, the PML-N collaborated closely with the IMF and other financial organizations.
b. Bringing Back Investor Trust:
The government reassured both domestic and foreign investors by implementing open budgetary policies.
3. Important Giving Ups for National Security
The PML-N was heavily criticized for enacting necessary but unpopular changes. However, in order to prevent an economic catastrophe, these sacrifices were necessary.
a. Cutting Back on Subsidies:
Although unpopular, Pakistan was able to limit fiscal spending by reducing subsidies.
b. Reforms to the Tax Code:
Revenue was raised by expanding the tax base and enacting stricter regulations.
4. PML-N’s Contribution
Rebuilding trust with international financial institutions was greatly aided by the party’s leadership. This work played a key role in obtaining grants and loans that were necessary to stabilize the economy.
a. Developing Better International Relations:
Foreign direct investment (FDI) guaranteed by positive diplomacy.
b. Better Economic Measures:
Their tactics were successful, as evidenced by stabilized reserves and lower inflation.
5. Political and Public Attitude
Reactions to the PML-N’s initiatives were not entirely uniform. Critics protested against the temporary sacrifices, while supporters commended their commitment. Nonetheless, their political narrative reinforced by their ability to stop Pakistan from defaulting.
a. Public sentiment centered on:
Comparing Short-Term Relief with Long-Term Stability striking a balance between short-term remedies and long-term fixes.
b. faith in the leadership:
The party gained more public trust as a result of its persistent efforts.
Also Read:
