Centre selling ‘false’ narrative of improving economy: CM’s aide

PESHAWAR: Adviser to the Chief Minister on Finance Muzzammil Aslam on Monday questioned the figures shared in the Economic Survey of Pakistan and said that for how long the federal government would continue to sell the “false narrative” of improving the economy.

In a video statement, he said that the trend of “Form 47” had now become widespread across Pakistan and even the Economic Survey of Pakistan used the same Form 47 methodology.Muzzammil Aslam stated that according to the government, the GDP growth at the end of the year stood at 2.7 per cent, whereas last year, the government had set a GDP growth target of 3.6 per cent.

He said that he had informed the prime minister last week that the actual GDP growth should be shared with the public, and even this 2.7 per cent GDP growth was embarrassing.The finance adviser noted that in 2021, the growth rate was recorded at 5.7 per cent, and in 2022, at the end of Imran Khan’s government, it was at 6.4 per cent yet despite this, in 2022, PTI founder Imran Khan was still blamed for poor economic performance, he added.

Muzzammil Aslam said that for how long the government would continue to sell the false narrative of improving the economy. “After the fall of Imran Khan’s government, the growth rate dropped to -0.2 per cent in 2022-23. The following year it was 2.5 per cent and now, according to the government, it is 2.7 per cent,” he noted.

The adviser pointed out that the population was increasing by 2.5 per cent, while the average growth rate over the past three years had been just 1.5 per cent.He mentioned that for the first time during Eidul Adha, 30 per cent of livestock were sent back from Karachi unsold, and if such a situation existed in a major city like Karachi, one can imagine the conditions in other cities.

Muzzammil Aslam said the government lied about reducing the inflation rate due to excessive taxation, adding that the purchasing power of the people had declined significantly.He highlighted that the government itself had admitted a 13.5 per cent decline in major crops — including wheat, sugarcane, rice, and maize, all of which had suffered drops in production.

The adviser said that now the PDM government claimed an annual increase in livestock production, stating a 4.7 per cent growth, but when there was a shortage of essential food items for people, how can livestock production be increasing?

He added that small industries ran behind large industries, and while the government claimed a 1.5 per cent decline in large-scale manufacturing, it was a miracle that small industries supposedly saw 8.8 per cent growth.

Muzzammil Aslam said that, according to a World Bank report, 45 per cent of Pakistan’s population had fallen below the poverty line. “Out of a population of 240 million, if 110 million were below the poverty line, then what kind of economic performance was this?” he asked. The adviser stated that core inflation was still hovering at 11.6 per cent. “The PDM government has entered the IMF programme four times in the past three years, and in the prime minister’s own words, not even a “penny” of investment had come into the country,” he added.

Muzzammil Aslam stated that at the end of Imran Khan’s government, the total national debt was Rs43,500 billion, and after three years under the PDM government, the debt had reached Rs75,000 billion.

A total of Rs31,300 billion in debt was taken in just three years, and even in the current budget, the PDM government has very limited capacity to provide any real relief to the public, he added.