False claims of national development being made for decades

Islamabad, July 29, 2022 (PPI-OT):The Pakistan Economy Watch (PEW) on Friday said baseless claims about the country’s development have been made for the past thirty-four years. Weak leadership, the endless series of elitism and the blind adoption of the policies of international organizations have left the country’s economy dysfunctional, it said. This time, despite accepting the unbearably strict conditions of the IMF, a loan is not being provided, which has destroyed the value of the rupee, said Brig. (retd) Aslam Khan, Chairman PEW.

He said that transferring the resources of the developing countries to developed countries is the agenda of international organizations, which is being followed by self-interested politicians. Aslam Khan said that our economists are doing nothing except seeking loans, promoting the elite, issuing comforting statements and fueling the crisis with their wrong policies due to which the economy is constantly weakening.

Those who can plan to pay the old debts by taking new loans are considered expert economists which is shameful, he added. He noted that despite a serious crisis, the central bank is without a permanent governor and a junior officer has been temporarily appointed as the governor of the State Bank of Pakistan, which is expected to restore the confidence of the market.

Aslam Khan regretted Pakistan has the potential to collect 12 trillion rupees as revenue, but the target has been set at 7 trillion rupees to please the nobility. If the tax is collected according to the potential, there will be no need to take loans but it will hurt the elite which is not acceptable to the politicians.

In 2022, the Sri Lankan currency lost its value by 78 percent while the Pakistan rupees lost value by 33 percent but the Finance Minister has not yet started any meaningful dialogue with key partners of the economy to restore confidence which is surprising.

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