‘Economic crisis increases people’s problems’

LAHORE: Pakistan’s global image is affected alongside increasing the problems of every segment of society due to the continuous deterioration of the current economic situation of country.

The lack of financial discipline at all levels is the main reason of this crisis while corruption and injustice at every level could not help Pakistan for an immediate improvement in the economic conditions even after receiving billions of dollars’ loan from the IMF.

These views were expressed by the discussants in Jang Economic Session on ‘Another mini budget is question mark on government performance while every segment is disturbed’. The panelists were Sam Ali Dada, Iftikhar Tabasum, Khalid Ch, Amjad Ali Jawa, and Fahim-ur-Rehman Saigol while moderated by Sikindar Lodhi.

Sam Ali Dada said that Pakistan should be the first priority of everyone and need to be mobilised as a nation. The people are insecure due to the political instability while world is not trusting in international trade agreements. Smuggling is the reason behind the worst economic situation in the country while one class is paying taxes and crisis of distrust exists in the tax system. There is need to evolve a tax policy with the consultation of all stakeholders while the businessmen should play their positive role. Besides, revising the Afghan trade policy ungently to prevent smuggling.

Iftikhar Tabasum said the deteriorating economic situation was affecting only the lower class people, the elite class has no problem. The inflation, poverty and unemployment are increasing. The IMF $1.5 billion loan has no value, except getting support from other countries and international institutions who made it conditional on IMF loans.

Khalid Ch said that the economic destruction of Pakistan began with the 18th amendment to the Constitution. The funds went to the provinces and the federal government became in need of financial resources. He suggested revising this 18th amendment. The industry and economy were destroyed before the mini budget. Many people are unemployed and many families are badly affected due to the closure of industries.

Amjad Ali Jawa said that survival without medicines could not be possible while 90 percent of medicines raw material was imported. The protest against non-opening of LCs is in vain. The government should think seriously about the fact that people's health is important. Smuggling is destroying the country's economy and it should be controlled on emergency basis. The IT sector is future and can increase our revenue by more than 30 percent so there was a need to focus on the IT sector. Fahim-ur-Rehman Saigol said that the situation was getting worse day by day. Pakistan has so many resources but forced to accept strict conditions for only USD1.5 billion loans. The economy could not grow by investing in non-productive sector like real estate, and property. There is need to focus on high-tech sector and the IT sector to improve the country's economy.