New Delhi, Nov 26 (NationPress) A comprehensive 186-page report from the International Monetary Fund (IMF) has once again underscored a troubling reality: the economic challenges faced by Pakistan stem primarily from internal deficiencies rather than external forces.

The report indicates that corruption, frail institutions, and dominant vested interests have brought the nation to the brink of economic disaster, as reported by the Pakistan Observer.

The IMF asserts that corruption permeates nearly every tier of governance in Pakistan, with policy decisions frequently dictated by powerful factions that exploit state apparatus for personal benefit.

While the report notes the absence of a dependable mechanism to gauge corruption, it cites the National Accountability Bureau's recovery of 5,300 billion rupees within a mere two years as one telling indicator.

Even this staggering amount, according to the IMF, reflects just a fraction of the broader issue.

Everyday citizens confront corruption in routine services, and the judiciary is widely perceived to be compromised.

Trust in governmental institutions is on a steady decline. The report also highlights how influential business and political entities manipulate laws and regulations for their own protection.

The IMF points to the 2019 sugar crisis as a prime example. Influential business networks stockpiled sugar, inflated prices, and funneled billions through fictitious accounts, while the state remained largely inactive.

In addition to such scandals, the IMF identifies deeper systemic problems, including a convoluted tax framework, ineffective financial governance, non-transparent public procurement practices, and subpar performance of public institutions.

The report suggests that Pakistan could achieve an additional 5 to 6.5 percent in GDP growth over the next five years if substantial governance reforms are enacted.

Furthermore, the IMF emphasizes that corruption in Pakistan is not a novel issue. Both civilian and military regimes have pledged reforms yet have often ended up fostering new forms of exploitation.

Many leaders dismiss corruption claims as mere political assaults, perpetuating the issue without resolution.

The findings of the IMF, however, cannot be overlooked as politically motivated – they are derived from impartial analysis.

The report warns that without dismantling the influence of powerful business families, political dynasties, and elite groups, Pakistan will remain in turmoil.

Despite citizens facing heavy taxation and soaring utility costs, public resources predominantly benefit a select few.

The IMF asserts that this disparity not only undermines the economy but also erodes the moral fabric of the nation.

Additionally, the report cites global examples where decisive action against corruption has led to significant reforms.

Countries like China, Japan, South Korea, Singapore, Saudi Arabia, the UAE, Malaysia, Indonesia, and Rwanda have prosecuted high-ranking officials, business magnates, and even former presidents, adhering to the principle that no one is above the law.

For Pakistan to embark on a similar trajectory, the report advocates for the independence of accountability institutions, free from political influence.

Judicial appointments must be conducted transparently. Political meddling in state entities should cease.

Tax structures need simplification, government procurement practices must be transparent, and political financing should be regulated so that policymaking serves the public interest rather than elite agendas.

The IMF clarifies that the intent of its report is not to penalize Pakistan but to provide a final chance to rectify its governance framework.

For Pakistan to continue receiving support from the IMF, it must also adopt the governance reforms outlined in the report.

Those accountable for the present crisis must demonstrate restraint and embrace accountability.