Home Grown Programme suggested for economic revival

Former Minister of State and Economist Ashfaq Tola on Friday presented a “Home Grown Programme” opposing the International Monetary Fund (IMF) new loan programme.

He was delivering a lecture at the Karachi Press Club where economic situation, current account deficit, rupee value, and IMF programme were discussed.

Karachi Press Club Secretary Shoaib Ahmed, Joint Secretary Muhammad Munsif Khan, and other journalists including members of the governing body were also present in the lecture.

Ashfaq Tola proposed reforms in the energy, trade, and taxation sectors and emphasized increasing agricultural production.

He said that Pakistan may have to take additional external loans of 80 billion dollars in the next four years under the strict conditions of the IMF program which will also increase the volume of imports.

According to him, the production of wheat and rice will be increased under the Home Grown Programme and will be linked to global prices. Moreover, palm oil imports can be reduced by increasing production of cotton, sunflower, and canola.

Tola said that current account deficit can be overcome by increasing agricultural production and exports can reach 40 billion dollars. He further said that the true measurement of the economy is the living condition of the people. The economy is suffering due to inflation, lack of employment, and high interest rates.

He criticised the new taxes of 1300 billion rupees in the new federal budget and said that the economy can be boosted by energy, trade, and tax reforms. Ashfaq Tola called the tax on solar panels a violation of human rights. At the end of the program, Secretary Karachi Press Club Shoaib Ahmed thanked Ashfaq Tola and presented him with a shield.

Published in The Express Tribune, June 1^st, 2024.