Elite should also swallow bitter pill of IMF strict conditions

Islamabad, January 25, 2023 (PPI-OT):The Pakistan Economy Watch (PEW) on Wednesday said accepting strict conditions of the IMF is the only option available to Pakistan. Instead of making the public a scapegoat, this bitter pill of IMF conditions should also be fed to the elite, it said. All the unnecessary government expenditure and all privileges of the ruling classes should be abolished so that the people get a few sighs of relief, said Mohammad Aslam Khan, Chairman of PEW.

He said that the elites have completely hijacked the country’s system, due to which Pakistan has been entering from one crisis to another. Now the plunder of the elite has increased to such an extent that the country’s integrity is in danger, he added. Aslam Khan observed that not a single ruler of Pakistan has ever worked seriously to eradicate elitism, correct the direction of the economy, improve governance, eliminate corruption, reduce unemployment and get rid of debts.

The rulers did not have any positive target and they never preferred to work within their means but they always preferred to spend heavily and always ran the country with the borrowed money. The one who is an expert in begging is considered a great economist therefore the whole country has become addicted to loans.

At that time, the only way to maintain the state is debt while addiction to loans blocked the way of industrial and agricultural development in the country. When the western countries turned their backs on Pakistan, we went to Saudi Arabia, China, and the Gulf states, who gave loans worth billions of dollars to Pakistan but now they are no more interested in lending to Pakistan.

The state of the country’s economy is that without the large-scale imports of raw materials, machinery, and parts, neither industrial production nor exports are possible. A nation that makes atomic bombs does not have the ability to make simple motorcycle engines or power looms.

The agricultural country does not have the ability to manufacture tractors, basic agricultural equipment, chemicals, and parts, due to which pulses, vegetables, fruits, cotton, and wheat have to be imported. In Pakistan, all emphasis is placed on the development of property and the stock market, while industry and agriculture are neglected.

Due to the lack of the required number of oil refineries to meet the country’s needs, billions of dollars are being lost annually and this is a waste of resources. The wastage of resources continues and there are no signs of any change for the sake of Pakistan.

For more information, contact:
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
Fax: +92-51-2802449
Cell: +92-321-5157671
Email: president@pakistaneconomywatch.com
Web: www.pakistaneconomywatch.com

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