Masses be­ing mis­guided on the is­sue of eco­nomic up­lift

The Pak Banker - - FRONT PAGE -

The Pak­istan Econ­omy Watch ( PEW) on Sun­day said masses are be­ing mis­led on the is­sue of eco­nomic de­vel­op­ment which is not the case.

Econ­omy is not de­vel­op­ing but go­ing down but the author­i­ties, IMF and in­ter­na­tional media con­tinue to throw dirt in the eyes of masses, it said.

Tall claims and cre­ative ac­coun­tancy will not change the sit­u­a­tion un­less bold de­ci­sions and painful re­forms are un­der­take for which gov­ern­ment seems un­will­ing, said Dr. Mur­taza Mughal, Pres­i­dent PEW. Long power out­ages, grind­ing poverty, stag­nant ru­ral econ­omy, un­em­ploy­ment, in­sti­tu­tional and en­vi­ron­men­tal de­cay, de­te­ri­o­rat­ing stan­dard of liv­ing are prime chal­lenges, he added.

Dr. Mur­taza Mughal said that eco­nomic man­agers re­peat­edly claim that they saved coun­try from de­fault but it was out­come of 6.7 bil­lion dol­lar loan agree­ment with the IMF there­fore no one should take credit of it. Sim­i­larly, the forex re­serves which were be­low seven bil­lion dol­lars in 2013 were boosted with the help of loans while ex­ports have noth­ing to do with it. He noted that author­i­ties con­tinue to take credit of low in­fla­tion which is a global phe­nom­e­non re­sult­ing with 60 per­cent re­duc­tion in oil prices. More­over present in­fla­tion fig­ures have re­newed fears of de­fla­tion in Pak­istan.

The bud­get deficit is shown at 5.3 per­cent due to ma­nip­u­la­tion of fig­ures and not in­clud­ing cir­cu­lar debt worth Rs 627 bil­lion. Dr. Mur­taza Mughal said that real growth rate in Pak­istan is not more than 3.2 per­cent, in­dus­trial growth is at 1.1 per­cent while agri­cul­tural sec­tor is grow­ing at a pace of 2.5 per­cent.

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