ISLAMABAD: According to a recent survey conducted by the International Republican Institute (IRI), around 74 percent Pakistanis seem dissatisfied with the on-going economic situation in the country.
In the IRI survey, 74 percent say their economic situation has worsened during the tenure of the PPP-led coalition, rising sharply from 51 percent before the party assumed power. Unsurprisingly 74 percent name the economy and energy shortages as top priority issues. This too accords with media reports of growing public anger with incumbents.
Two prominent personalities DR ASHFAQ AHMED KHAN and ASAD UMER discussed the issue and shared some valuable facts with us. Let’s look at it..
‘Bangladesh economy is growing faster than Pakistan’, ASAD UMER
Talking to Aaj News in an exclusive show of Islamabad Tonight with Nadeem Malik, ASAD UMER, associated with Pakistan Tehreek e Insaf and a renowned Businessman, said that the manipulation of inflammation rate will put real bad effects on the monitoring policy of the country.
He said that we can only get short term benefit by manipulating inflation rate but in the long run it will be very damaging. He said that he told up front that the budget defecate will not be less than rupees 1700 billion.
He further stated that we should not use the future tense to explain the destruction of the economy it already has been done. He said that Pakistan has lowest growth rate in the South Asian countries. He said that Bangladesh economy is growing faster than Pakistan.
He said that Pakistan is among the countries with lowest possibility that a child will be educated as he grows. He said that no body can name one country in this world that grew its economy with out spending on health and education of its people.
He said that most of our foreign exchange is being spent on oil and that what we are using to produce electricity. He said that there is no credibility of the government it makes promises and then turn around. He said that the government thinks that we are in such a unique situation that world will automatically offer us a bail out package.
He said that we can go any where to borrow money but first we need to introduce economic reforms in the country. He said that rich people are not paying taxes and we expect world to help us,is a joke and we can not continue like this any more.
He said that we can not correct econo0my in ninety days but can take steps in right direction.
He said that we can tax the powerful and handover state enterprises to professionals at once.
He said that the country has so many resources that it can grow at the rate of 7 to 8% easily.
‘Actual budget deficit reaches 11pc’: DR ASHFAQ AHMED KHAN
Another guest of the program, A popular economist “DR ASHFAQ AHMED KHAN” said that on papers the prices of gas have been decreased from 30 to 40 % but there is no relief for the consumers in the bills.
He said that inflation rate on papers has been decreased considerably but in reality there is no change. He said that 8% inflation rate is shown by manipulation of figures by the government.
According to him, the budget deficit has been shown 8% by the government but according to the IMF it has reached to 11%. He said that the budget deficit will go up to rupees 2000 billion in the next fiscal year.
He said that in December and January at the time of IMF payments there will be immense pressure on rupee. He said that if the current situation sustains the state bank of Pakistan will run out of the foreign exchange reserves by the end of next fiscal year.
He said that the world can impose condition of getting rid of the nuclear weapons to get the bail out package. He said that the governments own people have told him that no body cares about the country. He said that Pakistan should go to IMF as soon as possible for help. He said that Pakistan should also approach its real friends for borrowing money.
He said that Pakistan has resources it just need honest leadership and every thing will be all right. He said that even if Pakistan gets honest leader ship it will take at least five years to correct the economy.
(Author: Anchor Nadeem Malik)