KARACHI - PSP Secretary General Raza Haroon has expressed concerns over the reported deteriorating economic situation of the country and the insensitivity demonstrated by the federal government, the ruling party, opposition and the parliament. 

In a statement issued on Wednesday, PSP Raza Haroon said that everyone appears to be occupied in discussing petty party issues, personalities and furthermore irrelevant commentary on court proceedings against party leaders that have no direct relevance to the people of Pakistan and country’s economy . At the time, when major international financial institutions were issuing warnings to Pakistan, vis-a-vis its external sector situation leading to financial instability.

He said that the country desperately needs to revive its exports, reduce reliance on imports, stabilising remittances, increase foreign reserves, as the current official reserves reportedly at 13.8b US dollars are inadequate to address the current account deficit, external debt payment and in absence of adequate trade policy managing to reduce the trade deficit as well.

The recent World Bank report makes alarming claim that “Islamabad needs $31 billion this year to meet foreign financial obligations” and it sees no real inflows capable of bridging the current account deficit in the near future. Our economy is faced with growing fiscal and current account deficits.

He said that with the risks to our economy so apparent and the inaction and muted response from the Government, Opposition and other political parties is alarmingly shocking to see that party matters, individual court cases, institutional conflicts have taken precedence over national interest and their prime responsibilities. 

The debate in Parliament must be on economy , fiscal discipline and social sector reforms rather than using that platform for political sloganeering and point scoring which doesn’t help the country one bit.  He stressed on the need to focus on risks and instability facing our economy and do the needful to address the compelling issues with a clearheaded policy and give assurance to the nation that we have “leaders” not just “rulers” running the State of Pakistan, its economic, foreign and internal affairs in particular.