Although one does not have to be an expert of economics to distinguish a willful default from an accidental default, but masses were made to believe during this recovery campaign that all defaulters, irrespective of the nature of their default, should be hanged upside down. 

This is one of many examples which shows as to how the modern journalism has been misinforming the readers of newspapers about the word default. Technically, any borrower defaults when s/he fails to fulfil even a single condition of the loan agreement. But in the present context people would stigmatise any body as if s/he were a willful defaulter, the one who employed criminal tactics and deliberately defaulted on servicing his debts/loan.

The foregoing discussion also highlights one important point that has influenced the course of events in the current political history of the country. A saga of calling names to every loan defaulter began which put them as criminals per se before the public. In order to over-focus this white color crime or financial irregularity, even eminent economists were carried away by figures of the defaulted loans.

So much so a former governor of the State Bank of Pakistan failed to realise the difference inherent within the nature of defaulted loans and suggested four successive governments that recovery plan must be executed. The 'political' governments initially made efforts to execute the plan but, sooner,  halted in the face of potential dangers fraught with it. Their reluctance in recovering loans was attributed to a lack of political will. 

However, after abortive plan of the armed forces for loan recoveries, it has surfaced that it was not just the lack of political will of the 'political' government that failed to implement the recovery plan, rather it was not possible at all to recover all loans. Thus, the discussion on the nature of loans and defaults appeared on the front or editorial pages of newspapers of all types, serious as well as tabloid. This case of reporting indicates that, currently, over all reporting quality on economic issues is much below the normally acceptable standards. Barring a few economics correspondents and financial journalists, most are reproducing what they are fed by their sources without understanding it. Hence, assigning themselves a role of steno/typist.

While journalists of English language dailies or periodicals were less injurious, reporters and columnists of Urdu language publications were pathetic.

Not only that the majority of journalists failed to learn more about economic and financial issues, but also their megalomania never let them realise their ignorance of certain very important issues confronting the nation as well as global economy. That is why market players manipulate the stock or currency rates by using reporters who cover financial issues. Reporting of and events pertaining to Hubco and their cumulative effects on its share price can be cited here as for this negligence.. 

Some reporters of this specialized area have been stated to make money by publishing manipulated news. Even some publishers or editors also used such information before it reached the readers to manipulate the market and sliced off a huge profit. Similarly, publishing wrong estimates of cotton crop or rice helped profiteers, in some cases, to make money besides damaging the agronomy. The list of incidents of wrong or manipulated reporting is pretty long.

It would be unfair with journalists, however,  if we fail to mention here that they are not wholly responsible for publishing inaccurate estimates or figures; the sources from where they obtain information provide them erroneous facts and figures. For instance, the Security Exchange Commission, erstwhile called Corporate Law Authority, does not provide correct information to journalists or play its due regulatory role. Other similar bodies, such as CBR, SBP, have also disappointed the journalists. 

Nevertheless, whether it was a fault of journalist or his/her source, ultimately the readers suffer. Wrong information, wrong hopes, wrong political debate and wrong prioritization of issues.

In spite of the fact that austerity measures and cut of deficits by reducing the developmental outlays have cost us too much, some of our most leading journalists in their articles and editorials continue to support the same.

For instance, an editorial of an English language daily in its December 6 issue reiterates the strong need of structural reforms, relegates the failure upon 'political' governments and to “lack of political will” in not implementing the reforms. We, as journalists, must analyze and study whether this was the only reason of their failure, before making such statements. Have we closely studied the whole plethora of structural reforms?

Some leading economists who challenge the efficacy and viability of structural reforms in economy have already carried out a number of studies. They say the structural reforms in a state of economic recession would amount to making another hole in the boat that is sinking, because it has already a hole by its design.

We also need to learn more about the infamous Asian Tigers, the newly industrialized economies of Far East Asia, who resorted to deficit financing to build their economic, physical infrastructures as well as augment their human capital. Relevant literature is available that emphasises that the Asian Tigers adopted Hamiltonian Model* for their rapid economic growth.

There is no substantiated evidence that these economies blossomed only because of structural reforms that are primarily restricted to monetary policies.**

Did we also ever examine that Malaysia's Mahathir Muhammad has turned  the structural reforms upside down and has made an impressive recovery from the financial crisis that hit the rock bottom of the Asian Tigers. No wonder that world's infamous financial speculator, George Soros is furious over policy shift in Malaysia. 

Our journalists and economic managers must study the Malaysian model.

Since most of our economists take on economy from monetary perspective and fail to comprehend the political ramifications of structural reforms, they issue verdicts that the reforms were not implemented because the 'political' governments did not have political will. Let's see whether the present regime can implement the "block-headed policies" of the IMF – to quote from an article of Dr. Arshad Zaman, a member of the Economic Advisory Board.

Here the role of journalists writing on economic and financial issues has increased manifold, because they have been facing and will continue to face block headed IMF policies, politicians with no acumen, and people with unfulfilled aspirations.

Journalists are the only group of people who, because of not being specialists, would be open to new ideas. At the same time they can feel the heat of the people's anger against the structural reforms, and lay the basis for a new debate on major policy issues confronting Pakistan as well as global economy.

More and more economists are openly questioning the globalisation of world economy. Do we have something to do with it? While labour unions in the Seattle WTO millenium ministerial conference caused a major set up, Pakistani intelligentsia including journalists is still bogged with the structural reforms pushing the unsustainable economy towards globalisation!

Time has come that journalists must play a role of an agent for social change. It is asking too much from generalists. But, perhaps, we have no other choice.

Besides, equipping themselves with skill of writing, learning economic and financial terms and studying national as well as global economy, journalists have to study the concepts of economic development, which have gone beyond our reach due to the current tide of literature on structural reforms that have submerged us altogether. 
Journalists are not economists, but they must not abandon the role of iconoclast in the public interest. History will not spare them if they failed in performing their duty to public. They must avoid becoming spokesman of authorities. The thing they can do, at the least!

The author has been engaged with commerce reporting for different newspapers. Presently, he  is the president of Press Club.