KARACHI - Pak Sarzameen Party (PSP) Secretary General Raza Haroon has said that the state of economy and the concerned minister’s accountability problems are compounding the problems faced by the government. Circular debt, external positions and the fiscal deficits undoubtedly present a bleak near-future picture of our economy.

Strongly criticising the ruling government, Haroon in a statement issued on Friday said that with little to show for development in social sectors such as education, health, provision of clean drinking water, proper sanitation system, cleanliness, poor law and order situation, deteriorating economy of the country, significant decrease in exports, shortfall in remittances, downward trend of stock market, unexpected increase in imports with little or no control.

He said that the country’s trade deficit has jumped to 30 per cent in the first quarter amounting to 9.1billion US dollars. The government current account deficit target of 8.9billion US dollars has become irrelevant –and the World Bank and the Asian Development Bank have projected roughly 13.8-14.5billion US dollars deficit. Ranked 125 out of 130 in World Economic Forum Global Human Capital Report and standing at 106 among 119 at the bottom of Global Hunger Index are depressing and definitely an indictment of the federal government at reputed international forums.

He said this will most definitely have a direct effect on official foreign currency reserves. The Parliament and concerned committees too have failed to play their role as a watchdog and either conveniently allowed the slow deterioration or simply has no apprehension of what the country is faced with. This is apparent too from reading the news report of the non-issues being discussed on these forums, he added.

Haroon warned the Prime Minister Shahid Khaqan Abbasi that nothing short of announcing economic emergency with immediate effect; urgent session of national Security Council and council of common interest must be convened to discuss current crises and suggest immediate remedies.

He said that all recent reports from major financial institutions clearly indicate the massive failure of Finance Ministry. The concerns of COAS General Qamar Javed Bajwa expressed recently in Karachi were rightly placed that national security priorities have strong linkages with economic future. However, the civil and military leadership with public, private and corporate sector involvement must sit together, he added.