The latest government pronouncement reveals that the country may not achieve the export target of US$ 10 billion since the half-yearly target is off by over US$ 500 million. What the exporters already knew, what the exporters had been warning at every forum, and what was written on the wall, has finally been realized by those in the corridors of power. So much so, that even at the Federal Export Promotion Board meeting held recently, there was scant consideration of the main issue that is the root cause of this dampening of the export figures. Moreover, the news coming out from Washington is that the United States is on the verge of recession. What is happening and what will be the economic scenario in the coming months are topics debated in despondent tones in the markets, associations, and other relevant forums.

Pakistan has gradually entered the global motorway but due to the government's myopic policies, the journey is in a rickety bullock cart. The businessmen are of the opinion that they are on a crossroads, are unsure of the course to take, that they are being pulled in all directions, and the only outcome would be an unmitigated disaster both for them as well as for the country's economy.

There is one very sinister factor that is responsible for the crash-landing of the export regime. This is the infamous SRO 417. The imposition of this SRO, which is characterized by its export-deterrent, negative-growth, and anti-industry provisions, is a hallmark of the narrow-minded thinking of CBR and prominently exhibits the illogical perceptions of its officials. The disaster wrought by the imposition of SRO 417 testifies clearly that the swelled egos of the CBR higher-ups are of more paramount importance than the interests of the country. The FEPB, in its wisdom, instead of dealing pragmatically with the ramifications of this SRO, decided to send it back to CBR for further amendments. What a letdown! The government should desist from pussy-footing the issue of withdrawal of SRO 417 by referring it back to CBR, and instead the Chief Executive must issue immediate orders to oust this Black SRO from the statute books. The government should understand that the continued and foolhardy reliance on this SRO

would have a substantially negative effect and Pakistan may not be able to regain the lost ground in the global market. The hopeless export figures are proof positive that this SRO has wreaked havoc on the nation’s economy.

The Chief Executive must hold an immediate brainstorming session with representatives of export associations, industrialists, economists, and experts at the Islamabad Convention Center to exclusively deliberate on the export scenario and take on the spot decisions to boost up the export regime. It is high time the CBR officials are made to think of Pakistan first and to leave their egos and their inherent scorn for the business community at home. The Chief Executive must put his foot down and take the bold decisions needed to get the business community out from the abyss of darkness. The uncertainty must end if there is going to be improvement in the economic picture and in the country's march to prosperity. Time is short and bureaucracy must be reined in. Lackluster performance and medieval-style conspiracies conjured up by the officials must be stemmed or the next months would be enveloped in dark clouds.

Sincerely: