ISLAMABAD: The Pakistan Economy Watch (PEW) criticised Pakistan Muslim League-Nawaz (PML-N) and Pakistan People’s Party (PPP) plundered country like East India Company while recent price hike was a compulsion due to destructive policies of former prime minister Nawaz Sharif.
Masses should understand that the country cannot be run on the basis of loans forever and a change is not possible overnight, the report said.
“Economic stability will automatically reduce prices of energy and necessities and stabilise the eroding exchange rate,” said Chairman of the PEW Brig Muhammad Aslam Khan (Retd).
Speaking at a function, he said that people should not panic and remember the example of South Korea which took a loan of $58 billion from the IMF to avoid default.
“Masses cooperated with the government and deposited tonnes of gold enabling government to repay debt four years ahead of schedule,” he added.
Muhammad Aslam Khan said that in 1907 the same country faced a crisis when Japanese loans matched its GDP, men quit smoking while women sold their wedding dresses and jewelry.
The world wars destroyed many countries which are now highly developed nations, he said, adding that Venezuelan economy has contracted by 18 percent in 2018, prices have jumped by 1,370,000 percent while IMF forecast says that inflation is to touch ten million percent by 2019.
Presently a cup of tea in that country costs as much as a normal home was priced a few years ago but the situation in Pakistan is far better than that.
He noted that politicians, bureaucracy and other influential have looted Pakistan to an extent that masses are not ready to believe anything but now the situation has changed and the government will not need another bailout in future.
