Depleting foreign reserves $724 million
According to international financial institutions Pakistan’s net foreign reserves after clearing existing liabilities are $724 Million. Should this not have demanded immediate curtailment of extravagant benefits which paid civil and uniformed bureaucracy of this country have made a habit of while in service and post retirement. Elected executive must stop waste of taxpayer money spending billions on personal residences declared camp offices and fleet of luxury limousines and executive jets. Where else in world are state employees gifted houses, installed with imported fittings?
Go to any up-market retail store in Karachi, Lahore or Islamabad and witness shelves full of smuggled Britannia branded biscuits made in India and other nonessential consumer items. In a country where millions are denied two meals a day and paucity of funds an excuse to curtail invest in health, education or providing clean drinking water, Federal Government gives tax amnesties to billionaires loaded with black-money.
There seems to be no realization of collective responsibility for financial emergency which years of misgovernance and abuse during past five decades have driven this country into. If realization is there, why should crores made in real estate profit not be taxed at rate levied on salaried middle class? Every economist knows that real estate profits must be taxed uniformly, to encourage investment in industries for boosting exports. Every government, including PML(N) has appointed incompetent corrupt cronies who have driven Railways, PSM, PIA, PSO etc to brink of technical insolvency. When foreign passport holders dominate key government institutions and financial regulatory agencies than reverse flow of foreign remittances will not cease. The one-sided guaranteed capacity generation agreements started by Musharraf continue to be a drain on national country.
Lahore, March 27.