Islamabad, May 16, 2022 (PPI-OT):The Pakistan Economy Watch (PEW) on Sunday said the government should not delay prioritizing the country’s survival over its political credibility. IMF, friendly countries and economic conditions at home do not allow oil subsidies therefore it should be reversed to save the country from bankruptcy, he said. The government should learn a lesson from Colombo and swallow the bitter pill of reversion oil subsidy so that the country can be saved from bankruptcy, said Dr. Murtaza Mughal, President PEW.
He said that the elimination of oil subsidies will increase inflation tremendously but the country will be saved from bankruptcy and civil war. National integrity should be more important than political reputation and inflation for the rulers, he said, adding that saving the country is the responsibility of the government.
Dr. Murtaza Mughal said that continuous delay in the decision to end oil subsidy means that the government prefers political interests over national interests and it lacks any strategy to resolve issues. He warned that the country cannot afford any wrong decision at this critical juncture as Pakistan is the only developing country in the world which is giving hefty subsidies on oil due to which no country or institution is ready to give it a loan.
Pakistan is facing the highest inflation after Sri Lanka, the rupee is weakening daily, oil and food import bill for July-April has risen from $15 billion to $24 billion. Foreign exchange reserves have shrunk by $6 billion since the no-confidence motion which is worrying but the government is still in the process of unending consultations with allies.
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President,
Pakistan Economy Watch (PEW)
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