ISLAMABAD - The Federal government has completely failed in managing and reforming the economy of the country as it has become evident that it will avail another IMF programme after the end of the current one, PTI MNA Asad Umar said.
In a statement, he said, "This has now been conceded by the government also, with both the Finance Minister and Finance Secretary conceding that there is a possibility that at the end of the current IMF programme another one may be considered.”He also said that Prime Minister had claimed both before and after the budget that with the "experienced team" that PML-N has, they won't even take 6 months to turn things around as they knew exactly what needs to be done.
Now his economic managers, half way into the Parliamentary term, are conceding that even a year from now they will need to lean on the crutches of IMF.
Umar said that the lives of common citizens and the vast majority of business and industry have seen a marked increase in difficulties due to the blind acceptance of the current IMF programme coupled with the lack of transparency, corruption and incompetence of the regime.
The failure to reform the tax system has resulted in desperate measures like imposing the highest ever GST of 50 per cent on diesel, an overall increase in GST on all products particularly petroleum products and the draconian increase in minimum tax on services, he added.
Despite massive new taxation in the budget the first quarter of this fiscal year has ended with FBR revenues are Rs 48 billion less than forecast in the budget, he said.
He also said that the failure to make the economy competitive has resulted in continuing current account deficits despite the massive windfall gain received by the economy in the shape of dramatically lower oil prices and strong growth in workers remittances.
He said that Nandipur, Neelum Jehlum, LNG Scam, Solar Park, Gadani Power Park, coal conversion projects, euro bond issuance and devastation of farm economy are all glaring examples of the government’s incompetence in these projects.
