Wednesday October 04, 2023

‘Interest-based loans, corruption ruined economy’

By Our Correspondent
June 10, 2023

LAHORE:Tanzeem-e-Islami ameer Shujauddin Shaikh has warned that Riba-based loans, corruption in government ranks and IMF slavery have ruined Pakistan’s economy. The Economic Survey of Pakistan for the fiscal year 2022-23, presented by the finance minister, has established that government miserably failed to achieve the economic targets, he said in a statement here on Friday. He lamented that during the fiscal year 2022-23, economy of the 5th largest populated country in the world, has tanked to such an extent that the GDP growth has shrunk to 0.29 percent while the average inflation has mushroomed to 29 percent. The fact is that the excruciating hike in prices has made life miserable for the masses and the basic amenities of life are getting out of the reach of the common man.

He said the flawed economic policies have severely damaged the industry, trade and services sectors, and handed a heavy blow to remittances and foreign investment. He demanded that instead of chanting hollow slogans of ‘saving the state’ and ‘taking difficult economic decisions’, the government must take practical steps for improving the economy of the country and providing relief to the masses. He said there is only one solution to Pakistan’s economic problems, which is to run the economy on the basis of the Islamic economic system which is bound to bring economic stability and prosperity in the country.