PESHAWAR
Chairman, Amun Taraqqi Party (ATP) Muhammad Faiq Shah has expressed grave concern over the deteriorating situation of economy and law and order situation in the country. The ATP chief blamed the incumbent coalition government for destroying the country’s economy.
He criticized the rulers who mortgaged the country with the IMF. Shah observed business and industrial growth has stagnated owing to ill-conceived policies of the present government.
In Particular, he added the unavailability of raw material to industries is a major cause behind the rising inflation.
He maintained that the price of daily use food and non-food items have escalated unprecedentedly.
He called for freeing the national economy from clutches of financial lenders through concrete and sustainable policies and a mechanism.
Faiq was addressing an Eid Milan gathering held at the party’s head office on Thursday, which was attended by traders, industrialists and people from different walks of life.
According to figures of Pakistan Bureau of Statistics, the party leader said Pakistan’s internal debts have jumped at Rs30trillion.
Since the last nine months, the government has borrowed loans from commercial banks, rising up to 182 per cent, he added.
On the other hand, he maintained that loans to the private sector have dropped by 83 percent owing to record increase in interest rate.
He suggested a joint platform is dire need hour wherein policies should be framed on sustainable grounds.
Shah asked that politics and economy must be kept aloof from each other so that institutions would devise policies in an independent and transparent manner which won’t have any impact with transfer of power from one to other government.
He said the policy of setting revenue collection target to FBR should be altered as there is utmost requirement of reforms and transparency to improve the revenue and tax-base in the country.
The party chief emphasized the policies should be made with consultation of the business community so that their interest would be protected and there will be no hurdle to implement policies, a new system and programme.
He called upon the business community to come forward and jointly devise concrete policies to revive the crisis-hit economy of the country.
