No Lessons Learnt by Pakistan in Fiscal Prudence
The Pakistan Government’s lack of interest in reducing expenses is sending a wave of disappointment among the Economists of Pakistan. Disappointed by this attitude of the Pak Government, The top Economist QaiserBengali, has recently resigned from high-powered Committee for Rightsizing. While addressing a press conference on September 02 at Karachi Press Club, Economist QaiserBengali, formally announced his resignatio. He expressed disappointment over the government’s lack of interest in reducing expenses, and added that out of the 70 state run institutions identified by the committee for closing, only one of them has been closed. The committee also suggested privatizing 17 commercial entities while retaining 52 others.
Economist Qaiser Bengali expressed concern that the entire burden of restructuring was being placed on lower income segment of the society. He further emphasized that the government’s primary focus should be on reducing fiscal deficits, saying that closing down certain institutions could result in saving of Rs.30 billions. He challenged the committee’s recommendations to eliminate 150,000 positions from grade 1 to 16 and privatize the Utility Stores Corporation. He claimed that country’s economy is on the verge of collapse due to lavish spending & loan and because of this, now friendly countries also avoiding to give loan to Pakistan. He said that due to price hike and rising inflation, home budget of the people have been destroyed and people’s committing suicide.
Economist Qaiser Bengali cautioned that due to massive loans and lavish spending, country’s economy is on ventilator and heading towards complete collapse. He announced his resignation from top government committee, expressed disappointment over government’s lack of interest in reducing expenses and opposed committee’s recommendations including closure of Utility Stores Corporation. He further expressed concern over rising inflation and price hike causing increase in suicide cases in the country.
Pakistan is trotting around the world for loan to keep its economy floating and putting its masses under financial stress to meet the IMF guidelines but not implementing the suggestions made by its own economic expert, to revamp its economy.
