KARACHI – Speakers at a seminar said the economy is going down by the passage of every day which has snatched employment from a million people are pushed eight million below the poverty line. Continuation of policies will fan poverty and frustration while poverty is hitting the rural areas more than the urban centers which have become a challenge for agricultural and industrial production, exports and food security, said speakers at a seminar titled, “Corporate Social Responsibility and SDG’s” organized jointly by Pakistan Economy Watch and United International Group.
The seminar was presided by former federal minister Lt. Gen Naeem Khalid Lodhi (Retd), Chairman Punjab Board of Investment Sardar Tanveer Ilyas was the chief guest while CEO APNA Microfinance Bank Talib Rizvi was the special guest.
Maj. Gen. Asif Duraiz Akhtar (Retd), Maj. Gen Jaweed Aslam Tahir (Redt), former Brigadier Asif Haroon Raja, Brigadier Muhammad Aslam Khan, Chairman PEW, Haithum Nasr, former IG Saleem Tariq Lone, DG NCRD Israr Khawjikzai, Ammar Jafri and others were also present on the occasion.
Speaking at the occasion they said that the majority of people are now spending most of their income on food ignoring health and education while food insecurity has become evident.
Perishable food inflation has jumped to 78 percent in cities and 90 percent in villages. PPP took loans worth Rs5.5 billion per day throughout its tenure, PML-N borrowed Rs7.7 billion per day while PTI broke the record by borrowing Rs25 billion per day with no positive development.
In June 2018 our total debt and liabilities stood at Rs29,879 billion which jumped to Rs41,489 billion in September 2019. It took 71 years to accumulate a debt of Rs29,879 billion and a mere 15 months to add an additional debt of Rs11,610 billion with almost zero development.
The speakers said that FBR is facing a revenue shortfall of Rs700 billion which will result in enhanced indirect taxes or a mini-budget which will make the situation worse for masses.
The government must review its policies otherwise, the losses to the economy will become irreversible, they warned.
Sardar Tanveer Ilyas said that the federal and Punjab government is trying best to serve masses and provide relief to the people. The outcome of the friendly policies of the federal and provincial governments are obvious, he added.
President of PEW Dr. Murtaza Mughal said that masses are fed up of tall claims and flowery speeches as they want some relief but the government continues to break the record of borrowing, promises and taxing masses.
The economic direction of the country is wrong while resignations by top functionaries are fanning confusion. The government should provide relief to masses otherwise their anger can result in unforeseen consequences, he warned.