Economic performance claims fabricated: PEW
Click here to View Printed Statements
Patronising elite will lead country to a default: Dr Mughal
The Pakistan Economy Watch (PEW) on Monday said government claims about better economic performance are false and fabricated.
IMF has also twisted facts by praising the so-called reforms by the economic managers working for the PML-N led government, it said.
How the economy can get off the ground when no serious efforts have been initiated except burdening the poor, said Dr. Murtaza Mughal, President PEW.
Pushing millions below the poverty line will never help government advance economy or its agenda, he added.
Dr Murtaza Mughal said that growth rate remains dismal, borrowings, circular debt, inflation, budget deficit, interest rate, poverty and unemployment has been rising while the mass of underground economy has been increasing.
Similarly, foreign exchange reserves, tax collection and exchange rate are depreciating which is contradicting the claims of the authorities.
He said that incumbent rulers are following the policies of former regime to keep economy alive and avert a default through loans but avoid any politically difficult action to revive the country’s economy.
Nothing has been done to bring wealthy agriculturists and nobility in the tax net while documentation of economy remained confined to flowery statements.
Dr Murtaza Mughal said that government must know that it will face a changed US attitude after withdrawal of its troops from Afghanistan after which it would be difficult to ward off a default on the international obligations.
He said that rulers have found a convenient way to avoiding problems by printing currency to the tune of Rs five billion on daily basis which is to aggravate the difficulties in the long run.
A turnaround is impossible as long as rulers continue to support aristocracy and big business groups, he warned.
