Fixing the system: ‘Poor choices landed Pakistan in debt’

JI leader raps government’s economic policies

BAHAWALPUR: The recent rise in value of the dollar against the rupee raises questions on the competence of the government in dealing with harsh economic conditions, Jamaat-i-Islami leader Syed Wasim Akhtar said on Thursday.

He was addressing journalists at his house in Bahawalpur.

As if the energy crisis wasn’t harrowing enough, the government led by the Pakistan Muslim League-Nawaz has plunged the country into debt and a myriad of crises, he said. “Rampant corruption, bad governance, snail-paced economic growth, decline in foreign investment and a growing gap between the rich and the poor are only the tip of the iceberg of problems our country is faced with.”

Akhtar said Pakistan’s leaders and other politicians had billions of dollars stashed away abroad. “If they bring back their assets, a lot of our problems could be solved.”

He said Pakistan borrowed almost Rs5 billion from the International Monetary Fund each year. “Half of that goes towards repayment of previous loans.”  Akhtar said the country’s loans now exceeded 60 per cent of its GDP. “This is why the IMF does not believe that Pakistan can repay its loans.” The JI leader said Pakistan was blessed with rich resources, fertile land, and vast natural gas pockets in Sindh. “We need to look to them if we are to turn around the national economy.”

He said the mountains of Reko Diq had valuable minerals including gold, silver and copper. “Overseas Pakistanis send billions of dollars as remittances yet poor decisions of our leadership have made us slaves to the World Bank and the IMF…those who continue to push the begging bowl cannot change their fate.”

He stressed need for good governance and eliminating corruption. “Instead of burdening the people with taxes, the government needs to sort out problems in its system.”

Published in The Express Tribune, August 28^th, 2015.