This refers to the news report, ‘FBR may face Rs300 bn shortfall in revenue collection’ (Feb 07). The economy is facing huge challenges on all fronts and the tax shortfall is just a tip of an iceberg. The external sector is in even more serious crisis and there seems to be no respite in its deterioration. The overdue structural reforms have been avoided. The government has not contributed anything tangible to improve the economic condition of the country.
It seems that the present government has to revise its policies to improve the imbalance between imports and exports, create sustainable job opportunities and do more to stabilise the country’s economy. Over the past three years, the national economy has deteriorated with the widening budget deficit, declining exports, rising imports, large trade gap, doubling of current account deficit and unabated borrowings. The external debt has rocketed to $75 billion and the economy is finding difficult to manage repayments.
Huma Arif
Karachi
