Sharif’s government top economic manager, the Finance minister on a regular basis talks to the media and claims that the economy is now on the right track. The Finance minister, particularly emphasised that after the recent IMF $1.5 billion relief Pakistan’s economy has taken a shift.
From time to time, his talks about inflation has become a pet topic. He said that now, inflation has reached its lowest level compared to the past which he recounts as being less than 3 per cent.
Previous year it was nearly 26 per cent. It is an old saying that figures don’t lie. The ground reality according to authentic sources is that 40 per cent people of Pakistan are living below poverty line. It means their income is less than one dollar.
Another reality is that 3 crore children are out of school. On the other hand, the trade deficit is such that our import is 30 billion dollars and export is less than 50 per cent of the number of import cited.
Interestingly, half of our trade deficit is with our neighbouring country, China. The so-called 60 billion dollar CPEC is not seen as much of a game changer as it was claimed to be. Another reality is that the Sharif government has taken record loans worth more or less 6,000 billion rupees. Moreover, signals such as dollar rate and energy are two big signs that show the health of the economy and here we witness that dollar rate stands at 275 which is 3 times higher than India and price of petroleum still stands at Rs. 280.
If we look at the above mentioned facts and figures one would rather ask the Finance minister of the magic wand that has reduced inflation in the country as claimed by him.
The basic point is that either the common person’s living standard has improved or has it gotten worse. Even the last budget said that we would spend 1.2 per cent on education and 1.7 per cent on health sector. It goes without saying the corruption is present in both the departments at the moment.
The four biggest public sector institutions, WAPDA, Railways, Steel Mill, PIA have eaten 200 billion rupees per year and nobody is ready to address the issue.
Therefore, Finance Minister, one has doubt that if you are living in a fool’s paradise or are we living in one. This numbers jugglery is a joke for the people of Pakistan.
