Dollar Decline Vs Rupee a Water Bubble
Flawed Economic Policies Responsible for Mind Boggling Price Hike
Lahore: (March 22) Moonis Elahi, senior central leader of Pakistan Muslim League, has blamed Nawaz Government of burdening the country with an enormous financial debt and in failing to provide the poor with any genuine economic relief. He has called this month’s increase in power rates as another glaring example of N League Government’s miserable performance at the financial front. Pakistan Muslim League leader, Moonis Elahi expressed these views at a meeting held today in Lahore with a delegation of his party workers. Moonis Elahi dubbed the much hyped recent dollar decline as an eye wash and a water bubble. Expressing his fears, he said that without a steady inflow of foreign investments and capping of a staggering increase in bank borrowings a mind boggling commodity price hike looked imminent.
He held N Government’s misplaced and flawed economic plans responsible for an unprecedented 20 to 35% increase in prices of essential commodities in the last ten months. He called Nawaz Government’s claim of an increase of only 7-9% in prices as nothing more than an act of political jugglery. Moonis Elahi held the repeated fuel prices increase in last ten months a major cause of skyrocketing rates of all essential items. The PML central leader stressed the need of implementing strict austerity in government spending, consolidation of currency exchange rate, capping of huge increase in foreign and local bank borrowings and restriction on unbridled printing of rupee as measures immediately required for easing the common man’s financial burden. Moonis Elahi strongly emphasised the need of including the untaxed and the under taxed in the tax net and for facilitating the marginalised and deprived sections of the economy. He called upon the N League Government to desist from its traditional policy of gratifying handpicked individuals and institutions at the cost of the country’s poor. Sounding his apprehensions, Moonis Elahi warned that if N League did not revise its current economic policies it would become extremely improbable to check the rising tide of poverty, price hike and inflation in coming days.