Dr Hanif Mughal, Senior Vice President of Pakistan Economy Watch (PEW), said on Sunday that the political temperature is declining in the country, which is a good sign for the struggling economy. He said that the masses are getting satisfied as inflation is receding, economic indicators are slowly improving, and things are returning to normal.
Dr Hanif Mughal said today that economic development will accelerate if appropriate measures are taken in the budget, which will relieve the people. He said that the previous government not only took record loans in the country’s history but also set new records of mismanagement.
Pakistan’s economy, which was 22nd in the world, was pushed down to 47th number, and now their frustrated leaders are claiming that the country will be bankrupted any time soon.
The former government destroyed the economy, leading to the closure of thousands of businesses and millions losing their jobs. He observed that the international institutions that provided record loans to the former cabal without question are not ready to give a billion dollars to Pakistan, which indicates their ill intentions.
He said that if the government were not changed, it would have jeopardised the country’s integrity to please their foreign masters. Mr Mughal said that difficult reforms had been completed, due to which the people and the business community had to bear much trouble, but now the situation is improving. The people have started getting some relief.
He said the government is committed to implementing long-term reforms to improve the country’s economic situation, and Pakistan will never default like Sri Lanka.
While the IMF’s rejection of Pakistan’s request poses a hurdle, the government remains resolute in reviving the deal and securing the financing to support the economic recovery.