Government failed to stabilise the economy in five years
Islamabad, May 31, 2018 (PPI-OT): Islamabad Chamber of Small Traders on Thursday said the incumbent government offered a mixed bag of successes and failures during the last five years. The national GDP has improved significantly backed by the unprecedented amount of local and foreign loans which increased the economic challenges.
Growth rate, loans and availability of energy has increased albeit at a price while law and order have improved for which credit goes to armed forces, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. He said that PML-N has promised to increased exports by more than 100 percent, reduce fiscal deficit to four percent which is now at 5.5 percent.
After coming to power the government vowed to increase tax net to 15 percent which stands at 13 percent and reduces losses of state-run corporations to Rs400 billion while the losses of Steel Mills and PIA has reached to Rs900 billion. Shahid Rasheed Butt said that not a single entity could be reformed or sold and the price of electricity was jacked up from Rs9.50 per unit to almost Rs13 which took a toll on masses and the economy.
Circular debt reached an all-time high despite low oil prices and the frequent hike in power prices and the target for investment was also missed. The government also failed to divert remittances to productive sectors and remained unsuccessful to improve trade with regional countries to stabilise the economy and create jobs with an exception of China.
For more information, contact:
Islamabad Chamber of Small Traders and Small Industry (ICSTSI)
24-D, 3rd Floor, Rashid Plaza Blue Area, Jinnah Avenue, Islamabad, Pakistan
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