Improving the economy: PML-Q gives its cure-all recipe

Shujaat says if all money siphoned away is returned, the country will not need to borrow.


Irfan Ghauri January 20, 2011

ISLAMABAD:



In what appears to be more of a political exercise than an economic initiative, PPP’s economic wizards continued to solicit politicians’ support to deal with deteriorating economic indicators.

On Wednesday they held a meeting on the subject with faction of the PML-Q led by Chaudhry Shujaat Hussain following similar meetings with PML-N, MQM and ANP on Tuesday.

It has now been handed a five-point agenda by the PML-Q – its own recipe (albeit similar to the one given by the PML-N) to steer the country out of the ongoing economic turmoil.

“The PML-Q’s recipe includes providing immediate relief to the masses, devising (a rational) energy strategy, controlling the law and order situation in Karachi and Balochistan, eliminating corrupt practices, ending terrorism and revising the national foreign policy,” PML-Q president Chaudhry Shujaat told reporters after the meeting.

The government’s economic team, led by Finance Minister Abdul Hafeez Sheikh, has been telling political leaders of other parties that recent floods, unprecedented hike in petroleum prices in the international market, skyrocketing expenses on war against terror have been seriously depleting an already weak national economy.

“The transfer of Rs300 billion to provinces after the National Finance Commission (NFC) Award further depleted the federal kitty and now we have limited options….either to issue savings certificates, print more (currency) notes or take more loans from commercial banks. All of these steps are fatal for economy in the long run,” Hafiz Sheikh was quoted as telling PML-Q leaders.

The international donor community also seems reluctant to give more loans to Pakistan.

Briefing journalists after the meeting, PML-Q chief Chaudhry Shujaat claimed that if his party’s plans were implemented, the government could get hold of an unlimited amount of money within days, without having to spend a single penny from the national kitty.

“Our agenda is purely technical and (actually calls for) rising above the party lines. We have suggested…a comprehensive strategy to tackle the (ongoing) economic crisis. If the capital flight from the country is plugged and all money invested or kept in foreign banks is recovered, the country would have no need to seek loans from the IMF or the World Bank,” he asserted in a proposal much harder to implement.

He also urged the Central Bureau of Revenue (CBR) to publish lists of all politicians and their family members who had gotten their loans written off.

He also said his party was the “only opposition party” and it would be the “last political outfit to join the government”.

He said such meetings should not be construed as preparatory to joining the treasury benches. It was rather a consultation process held in the “best national interest”. The government team assured the PML-Q leaders that they would have a follow-up meeting.

Published in The Express Tribune, January 20th, 2011.


COMMENTS (1)

Akhlaque Ahmad | 13 years ago | Reply Easy to say now when out of the govt. What were you doing all these decades when enjoying power to the extent of being the prime minister of Pakistan ? All rubbish.
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