Dr. Ishrat Hussain spelt out the economic policy issues which needed urgent attention on the part of the new government. Foremost of which are the current account deficit and the consequent weakening of the Rupee against the convertible foreign currencies, deficit financing, narrow tax base, the circular debt, inconsistent taxation policies, wrong energy mix, inefficient economic governance etc. Dr. Ishrat said that it would be appropriate that the new government issued an economic policy statement along with the next budget. According to him the economic fundamentals of the country were good but when the sea is choppy a strong hand is needed at the Helm of the ship. He reminded the audience that the credit for the economic liberalization reforms and the privatization program goes to the first Nawaz Sharif government which was in power from 1990 to 1993. He cautioned against a short term vision of the things and was of the opinion that after the initial honeymoon which may be of about 100 days, the public opinion will start judging the government on the basis of actual delivery.