Random policies

That the economy is in serious crisis is no secret. A billionaire banker has been imposed on the country to devise policies for the privileged while ordinary people are ignored. He is being aided by the chief of the country’s central bank in putting the nation at the mercy of the international institutions. Instead of rebuilding the economy and addressing its critical challenges, he is leading the nation towards national destitution. The government should have implemented a three-year long austerity plan to reduce current expenditures.

The prime minister clearly remains unaware of the grim economic situation. It is a mistake to think that giving alms and introducing charity schemes will alleviate the growing poverty in the country. The emphasis on the expansion of the housing sector is also misplaced, as it is diverting the country’s scarce resources from agriculture and manufacturing to real-estate. Liberal advances by banks and increased credit to the private sector is going into financing consumption instead of investment. Directionless fiscal policies are battering the economy.

Arif Majeed

Karachi