The Pakistan Economy Watch

Govt economic decisions contradicting its agenda : Pakistan Economy Watch

BUSINESS

The Pakistan Economy Watch (PEW) on Sunday said decisions of the government are contradictory to its agenda fanning poverty and anxiety among masses.

The government continues to deal with IMF secretly and implement their orders which have made life difficult for the masses and taken a toll on the economy.

Masses are going bankrupt as inflation is skyrocketing, growth rate continues to fall contracting economy while a million people have lost jobs due to the closure of businesses, said Dr. Murtaza Mughal, President PEW.

All the sectors of the economy including stock exchange and property market are nosediving while local currency continues to shed points, he added.

Dr. Murtaza Mughal said that no action has been taken to fix power sector which is resulting in a frequent hike in its tariff, essentials have gone out of the range of masses while normal education and medication has become a luxury for the majority.

He informed that revenue shortfall has reached to Rs 485 billion, inflation has jumped from 3.9 percent to 9.4 percent, the dollar which was traded at Rs 104 during the last government has climbed to Rs 145 while interest rates have been doubled.

The growth rate has come down from six percent to 3.5 percent while loans have mounted from 30,000 billion rupees to 34,000 billion rupees, he added.

Masses have been cornered and many think that they have been cheated in the name of change. The economic expertise of the finance minister also stands exposed while the current set of policies may transform the country into a banana republic.