(February 08-2023)The Pakistan Economy Watch (PEW) on Wednesday said the majority of finance ministers have proved to be part of the problem.
The policies of incompetent ministers have pushed the country to the brink of collapse, it said.
Recently another unskilled and self-styled economic expert was imported amid great fanfare but his policies ruined the troubled economy, said Brig. (retd) Aslam Khan, Chairman PEW.
He said that the economy is a serious matter that should not be left to irresponsible politicians because they are more concerned about other issues than the country.
Muhammad Aslam Khan said that the rulers are still not serious about the economy. No one among those who matter is serious and they are just wasting time.
If the IMF’s ninth review is successful, the continuous increase in the value dollar may stop, but if it fails, then it will be a doomsday scenario for Pakistan, he added.
He said that spending more than income and elitism have ruined many countries in the past and now this habit of the unreliable upper class is shaking the foundations of Pakistan.
Presently Pakistan has no option except IMF but still one of our economic managers tried to dictate to the international institution which failed miserably.
The so-called economic experts are still wasting time waiting for help from some other country which further pushes Pakistan into problems.
He said that the economy may improve for the twenty-third time under the supervision of the IMF, but there is a fear that people will face the pain of the IMF programme but its benefits will be distributed to the elites.
Elites are always promoted by giving attractive names to the plan like Kisan Package, Textile Package, or Construction Package, etc.
Every government continues to fool the people to promote the elite which has damaged the country beyond repair.
Aslam Khan said that despite being cheated by dozens of people, the IMF is ready to give the cheapest loan to Pakistan, but due to repeated breaches of promises, its attitude has become tough.
Meanwhile, the circular debt is also reaching the limit of three thousand billion rupees, which is a threat to the country’s economy, but the government wants to delay the problem instead of solving it, which is not acceptable to the international organization.
In Pakistan, 88 percent of consumers spend less than 300 units of electricity per month and the IMF wants them not to be subsidized.
The IMF also wants revised gas tariff, sale of failed state-owned companies, an increase in petroleum levy by Rs10 per liter, a lifting of an import ban, and some other measures which will push up inflation upto 36 percent and there is no possibility of any flexibility in its attitude.
Pakistan has no option but to fully comply with the IMF conditions to evade default, he said.
