Islamabad, July 01, 2022 (PPI-OT):The Pakistan Economy Watch (PEW) on Friday said the country’s system is treating the privileged class with priority, the price of which is paid by the people. The skewed system is creating economic problems and increasing poverty in the country, it said. The entire responsibility for the widening gap between the rich and the poor rests with the powerful elite, which, if left unchecked, will bankrupt the country, said Dr. Murtaza Mughal, President PEW.
He said that despite the passage of 75 years, the rulers have not been able to provide equal opportunities to the deprived to improve their living standards. The flawed system encourages corruption, mismanagement and tax evasion, which does not increase the country’s income as it should be resulting in repeated borrowing.
Tax evasion leaves the government without adequate funding for basic needs such as health and education while lack of governance the tariff of electricity, price of grains and various other products are much more expensive in Pakistan than the neighbouring countries.
Dr. Murtaza Mughal said that critically important sectors are suffering from circular credit as cheap sources for electricity generation like hydel and alternative energy were constantly being ignored. He said that there is no system of targeted subsidies for the poor like in neighbouring countries. He suggested that the government needs to enter into free trade agreements with other countries so that domestic products can have access to other markets.
Anti-corruption agencies need to reduce political interference so that they can accelerate rather than stifle national development, which requires the formation of a task force of international experts and civil society organizations. Presently what Pakistan needs badly is a fair and equitable tax system to save the country from catastrophe, he warned.
For more information, contact:
President,
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