This refers to the news report, ‘Rupee to stabilize, inflation to drop’ (Oct 31). The finance division’s assurances have failed to convince the people that there is some hope for our economy. Economic fundamentals do not justify this outlook. Many economists believe that the situation is likely to worsen as key budgeted targets regarding revenue collection, export, remittances, etc, are not met. The external financing requirement is $34 billion, but external inflows remain uncertain. The government is in talks with bilateral/multilateral creditors for debt rescheduling, and the outcome does not look promising.
With inflation rising to 25 per cent, layoffs increasing and more people going below the poverty line, the economy may actually contract this year. The government will eventually come under pressure to impose additional taxes and raise tariffs. Political expediency prevents political parties from taxing the rich and influential groups.
Arshad M Khawaja
Karachi
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