DM Monitoring
ISLAMABAD: Former President Islamabad Chamber of Commerce and Industry (ICCI) Shahid Rasheed Butt said the economic situation is being exaggerated against the ground realities as it is not such good as being potrayed.
In a statement issued here, he said that a little uptick in the economy supported by unwanted subsidies should not be overstated to deceive the masses.
Shahid Rashid questioned why the government is negotiating tranche of the loan with IMF on stringent conditions if the economy is in such a good shape.
He said that IMF conditions stoke poverty by hitting economic activities which should be avoided if the economy is taking off but it is not the case.
The former ICCI President noted that the claims for economic stability are not new, such claims are repeated by every government to knock IMF door for avoiding bankruptcy within a year.
He noted that improving economy requires reforms in the power and energy sectors, improving taxation and refund mechanism, reducing government expenses and tackle bleeding state-run enterprises wasting trillions of rupees per annum.
How can the economy improve when nothing has been done to reform any sector of the economy, the business leader questioned.
Shahid Rashid said that some improvement in the economic activity is due to undue relief to the industrial sectors on the cost of masses which is being hyped as a great success.
Those who are beating drums on the so-called economic turnaround should also inform nations as to why the most important agriculture sector is being ignored resulting in a shortfall of wheat, sugar, cotton and other commodities, he said.
