PIAF emphasizes joint efforts to tackle Pakistan’s fiscal challenges

The Pakistan Industrial Associations Front (PIAF) has asked the government to give priority to the economic recovery, emphasizing the necessity of joint efforts to tackle Pakistan’s economic difficulties.

PIAF Chairman Faheemur Rehman Saigol observed that country’s GDP growth rate has always remained below its potential despite efforts to boost economic growth, as the development of important sectors and investment prospects was hampered by inadequate revenue collection, structural problems, and governance issues.

Since it has been causing serious governance and economic issues for years, the cost of goods, food, petrol, and other necessities has increased, and inflation has almost reached 45 percent, which is not bearable for the common man.

On the other hand, there has been an increase in dissatisfaction among the public that no state institution is performing well and to save them from the haughtiness and bad administration pervasive in the system. The only way for this to go from a failure to a success story, as in other countries, is if the federal and provincial governments defy them and pursue fundamental changes in governance, fairness, openness, accountability, and the consistent economic policies minimum for 15 years.

Faheem Saigol expressed confidence in the country’s ability to overcome these challenges and highlighted the new government should fulfill the commitment to eradicating poverty and unemployment. He said that the government should remain steadfast in its commitment to guide Pakistan through its current economic and political challenges, with a focus on unity, effective governance, and public welfare. The PIAF Chairman said that the country has had trouble raising enough money to cover its expenses. Due to the low tax-to-gdp ratio, borrowing and outside help are heavily relied upon to close the fiscal imbalance. In Pakistan, there is a recurring budget deficit because the government spends more than it takes in. The national debt burden has risen, as a result, needing substantial financial resources for debt repayment. Both internal and external debt in Pakistan has been constantly rising.

Economic reforms useless without political reforms: President PEW LAHORE STAFF REPORT

President Pakistan Economy Watch (PEW), Dr Murtaza Mughal has said that economic reforms are useless without practical political reforms.

In a statement issued here on Sunday, he said that economic reforms will only achieve goals when political reforms were introduced, otherwise, it would be nothing than wasting time and resources. Murtaza Mughal said that economic reforms were being carried out under the pressure of the IMF, but the elite were spared and all burden was being placed on the poor. More attention should be paid to political reforms, otherwise process of economic reforms will remain incomplete and ineffective, he added.

The business leader said that a person who used to work at a roadside tea stall has become prime minister of India and has been changing the destiny of his country. The son of an African migrant has served as president of the US, and the son of an Indian migrant was presently the prime minister of the UK, he added. However, politics has transformed into a money game in Pakistan. Our politicians were often considered disgustingly rich, self-serving, and uncaring of the people they govern.

Our politicians were known for scheming and cutting ruthless deals to secure a big stack of cash.

Poor and mediocre were getting top slots in other countries, but in Pakistan, such people cannot reach the district council because here politics has been turned into a game of wealth and greed. Murtaza Mughal said that certain families dominate all major political parties and that intra-party elections were a joke and deception.