Newly elected Prime Minister of Pakistan
After Twenty-two years of struggle and at times a very lonely struggle, Imran Khan is finally the Prime Minister of Pakistan. A man who stood by his principles in his fight against corruption and for a fair society for his countrymen. He has finally broken the stranglehold of the two parties that have ruled Pakistan for the last thirty years.
The two party system is finally broken. Pakistan Muslim League and Pakistan People's Party during their thirty years of rule brought a culture of rampant corruption and kleptocracy. Billions of dollars were borrowed and spent on projects that offered high kickbacks, leaving the country indebted to the tune of $93 billion, some of it short-term market debt borrowed at exorbitant rates.
Incompetence and corruption of these two parties have ruined the economy of this otherwise vibrant country with an enormous potential for its 200 million people. It will be a tall order for Imran Khan's Pakistan Tehreek-e-Insaf Party to fix the economy on an urgent footing, make structural changes to lift the sagging industry and offer incentives to increase export in order to reduce the balance of payments deficit.
The new Government will need to bring in major reforms to the economy. Strict accountability is also desperately needed. There are reportedly over $200 billion of Pakistani money residing in Swiss Bank accounts. It remains to be seen how much of it can be brought back to the country. Tax collection is another major problem as in a country of over 200 million, only 800,000 pay taxes. The previous government made no effort to increase tax collection as key figures in that government were probably themselves tax evaders.
Imran Khan and his Government have a number of challenges in front of them and expectations are extremely high. However, he appears determined to make things better for the people of Pakistan and they have reposed their full confidence in him.
