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May 20, 2019

Manufactured progress

Newspost

 
May 20, 2019

Pakistan seems to be a victim of a chronic ailment called the IMF Bailout Syndrome. Our economic planners and ruling elite have over 60 years reduced this country to the status of a patient suffering from depression who goes to a doctor for treatment. Instead of seeking remedial treatment to rid the cause of depression, the patient gets addicted to drugs.

This is exactly what the Pakistani state has been doing after seeking almost 20 such IMF bailout packages. Instead of taking measures to raise revenue through direct taxation, the ruling elite prefers to seek more debts to plug the ever increasing deficit. Things have deteriorated to such an extent that plunder has been legalised or regularised. Foundations which were created for purely legitimate welfare of employees were given tax reliefs and exemptions. Now they are involved in multiple profitable ventures. Some of them are in nexus with big land mafia dons who illegally grab forest land and amenity plots, but never get caught. As long as revenue is not generated through direct taxation and investment in the manufacturing industry boosted, Pakistan can never come out of the debt crisis. Exports will only rise when the manufacturing industry survives.

Malik Tariq

Lahore

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