Pakistan in deep economic mess, says Pakistani daily

January 23rd, 2011 - 12:57 pm ICT by IANS  

Islamabad, Jan 23 (IANS) The economic policies being pursued by Pakistan are “neither sound nor equitable”, a leading Pakistani daily said, adding that this “is evident from the deep economic mess the country is in”.An editorial in the Dawn Sunday said: “The macro economy is crumbling because of imprudent, opaque and unprofessional management of the country`s finances. The people are losing the battle against runaway price inflation because the government is not prepared to curtail its lavish spending and plug the leakages.”

“The economic policies being pursued are neither sound nor equitable. This is evident from the deep economic mess the country is in. Growth remains elusive.

“…The quality of public education and healthcare is deteriorating by the day due to a lack of funding and the state`s abdication of its basic responsibilities. Ultimately, 180 million souls are suffering.”

Putting this as the background to the latest “effort” at fixing the national economy, the editorial said: “The government is revising its budgetary targets for the current financial year. It will be the second `formal’ revision of the budget in less than seven months after its approval.”

“The budgetary plan was first revised following the summer floods, which were blamed for straining the government`s resources and spurring inflation. It was like saying that our finance managers and planners would have pulled the economy out of the deep quagmire if the floods had not hit the country.”

The editorial wrapped up saying that the the new plan “may woo back global lenders and fetch the government a few billion dollars in loans/aid for the time being. But it will not solve the country`s economic problems. Nor will it mitigate the pain being felt by people burdened with high prices, let alone improve the quality of their life…”

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