Atif says that the Covid-19 epidemic has reached the verge of ending and after this Pakistan is again facing a serious crisis. Atif Mian said in a tweet that there has been zero growth in average income, and that Pakistan never came out of the Balance of Payments (BoP) crisis. Covid has given temporary relief to deal with the crisis as oil imports and domestic demand were affected due to the pandemic, but as the impact of the pandemic subsides, Pakistan is again in serious trouble.”
PTI Govt lacks understanding of economic challenges
He further said that the PTI government lacks understanding of the economic challenges and has also failed to make proper planning. The major failure was Pakistan’s inability to understand the macro challenges. PTI inherited the currency crisis that preceded it when it came to power. Yet the new government did not make any plans. Precious time and reserves wereted with silly plans.
Atif Mian also raised the question as to why Pakistan could not come out of the balance of payments problem with sustainable development when external adjustments were imposed on the government. Answering his own question, he said that it is because the government adopted the usual short cuts. These short cuts included capital accounting for speculative portfolio investments, unproductive real estate investments, subsidizing an economy favored by elites, and going on begging trips from other countries.
The new government is expected to take lessons from the events of the past.
Atif also said that the Pakistan government should have formulated an ambitious energy-freedom policy, without which Pakistan cannot have sustainable development. This move will require bringing in and providing resources to the best renewable energy scientists in the country. He insisted that development is a serious business, but instead the government chose the fund’s sentimental appeal. For this there is a need to build a value chain within the country, for this it needs capacity building of your people, your firms, your government. Atif Mian has expressed hope that the coming government in Pakistan will take a lesson from what happened earlier and what wrong did the Imran government do in its last term.
Source: navbharattimes.indiatimes.com
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