Restoration of economy a difficult task, says Miftah

Former finance minister says authority given to provinces under 18th Amendment not devolved at grassroots level

KARACHI:

Former finance minister Miftah Ismail on Saturday termed the restoration of economy a “difficult task”, saying mistakes committed in the last 75 years was the reason behind the current economic predicament, while calling out for an increase in the country’s exports.

Addressing an event in Karachi, he said only the current account posted surplus for two to three years since the time the country came into existence.

“We import a lot and export less. The agriculture sector is the responsibility of the provincial government and not the Centre,” he said.

The ex-minister regretted that the provinces were given autonomy under the 18th Amendment but the authority was not devolved at the grassroots level. “Subsidy should be given directly to the cultivators.”

He said the country was paying old debts after borrowing new ones.

“The PTI government broke the agreement with the IMF by selling petrol and diesel at a cheaper price.”

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Miftah called for reducing the expenses and increasing the exports and tax-to-GDP.

“Those who are not paying taxes should be brought into the tax net,” he said.

The former finance minister noted that the rich in the country were not affected by the rising inflation whereas the poor were still struggling for their basic needs.

“Leave the foreign debts. Now [we are] are stuck in the clutches of domestic debts. Steel Mills has been closed for years. Provinces do not collect the [required amount of] tax.”

The former minister said determining the rate of the dollar was the responsibility of the market and not of the finance minister.

He stressed the need to devise a plan for controlling the population.

He noted that every year 5.5 million children were born in Pakistan, adding that the matter came under criticism from particular groups whenever talked about.

“Eighty seven per cent Pakistanis do not get the required quantity of food. Children are physically weak in the districts where water is contaminated,” he said.

“Children living in the villages of Sindh, Punjab, Balochistan and Khyber-Pakhtunkhwa have been in crisis for the last 70 years,” he said

“We do not have enough food [to feed our people].”

The ex-minister said Pakistan was mired in problems because of the “wrong problems”.

He said no policy was workable without education, noting that children studying at government schools failed in major subjects like science and mathematics.

He said seven prime ministers were changed in the country during the last 11 years whereas India, on the contrary, established five IT institutes during this period.

He urged all the stakeholders to come forward, saying everyone should work together for improving the governance system.