Pakistan’s economic crisis

The situation of economic instability and uncertainty in the country is increasing, according to an unofficial survey, 60 percent of Pakistanis in the country have lost hope for a better future, which reflects the worst of the rulers. As a result of failed economic policies, Pakistan is continuously sinking into the quagmire. The fact is that none of the three major parties have any economic agenda to protect the country’s economy from threats and provide relief to the people. Inflation has broken all previous records. If we really look objectively, Muslim League, People’s Party and Tehreek-e-Insaf have insulted the mandate given to them by the people and have given nothing but disappointment to the people. The tragedy is that those who gave the speech of independence and self-reliance while misleading the nation have drowned the country’s economy. The entire economic system has been put under the control of the IMF. Due to 25% inflation this year, the GDP ratio was predicted to remain below the target level, after which it became difficult for the institutions to achieve the set targets.
The strict implementation of the IMF’s strict conditions by Pakistani rulers has practically made life miserable. It feels like the caretaker government is working to fulfill the IMF’s agenda instead of representing and protecting the people. Today, the nation has reached the level it has reached. All three parties have an equal role in this. Until the country and the nation bring their real representatives to power, until that time these figures will continue to come in different forms and cloaks. It has become clear that the thinking of the rulers of Pakistan is slavish. The country and the nation do not expect good from these Ghulam Ibn Ghulam people. The electricity bills are being increased day by day due to fuel adjustment. The heavy bills have raised the cries of the people. In the face of huge increase in the bills day by day, the government continues to unleash anger on the people. After electricity, the price of gas has also been increased. On the one hand, the people are forced to pay electricity bills instead of buying ration for their homes, while on the other hand, the poor people who want to privatise the government institutions are forced to pay two times. They also want to deprive them of their bread and employment. If the ruling institutions cannot be fixed, cannot eradicate corruption from the institutions and cannot make them profitable, then how can these incompetents be expected to run the country?
For economic stability in the country, the usurious economic system must be abolished. The usury system is the root of all problems. Pakistan’s textile sector is the backbone of the country’s economy, which accounts for 60% of the country’s total exports, 40% of employment in the manufacturing sector and 8.5% of the country’s GDP. This industry provides employment to 15 million people. But due to the reckless decisions of the rulers, every sector is heading towards destruction. 45% people are forced to live below the poverty level. According to the research report of a non-governmental organisation, more than 300 textile mills in the country are about to close due to continuous load shedding of electricity and gas, which will reduce the export of textiles by 300 million dollars per month.
Incompetent, corrupt rulers and administration have brought the institutions to the brink of destruction. According to the Ministry of Finance, the total loss of the institutions this year has exceeded 500 billion rupees. Pakistan Railways, National Highway Authority, Pakistan International Airline, Pakistan Steel Mill and power generation companies are on the top among these institutions suffering from a loss of billions of rupees. which the government of Pakistan has to pay billions of rupees from the national exchequer every year to keep them active. 7,000 officers in PIA are brutally robbing the institution in the name of salaries and other benefits. In the world’s leading airlines, the ratio of employees to aircraft is 200 to 220 employees, while in PIA, the ratio of employees to aircraft is more than 500.
The government wants to privatise the institutions to hide its failure. This will make millions of people unemployed. On the one hand, the total debt and loss of Pakistan Steel Mills was 526 billion rupees in July 2023, while on the other hand, the steel mill has been closed since 2015. Politically motivated recruitments took place in these institutions in every regime and the governance model of these institutions was not improved over time. There is no accountability and accountability process in any institution. It can be restored even without privatising the institutions, for this it is necessary to end the series of recruitments on political basis and to appoint qualified and capable people to the positions. About 450,000 people are employed in these loss-making institutions, who are making a loss of 5 billion rupees annually due to giving salaries and benefits, which is a big burden on the national exchequer.

The writer is a Deputy Secretary Information of Jamaat-e-Islami Punjab and Chairman D Nine Media Forum Pakistan.

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