Azhar says PDM caused economic destruction in one year.
Umar terms country’s economic collapse “catastrophic.”
“Time to rethink, reset & revive,” Umar says in tweet.
Pakistan Tehreek-e-Insaf (PTI) leaders Hammad Azhar and Asad Umar have censured the Pakistan Democratic (PDM) for the country’s “catastrophic” economic collapse.
Azhar lashed out at Finance Minister Ishaq Dar for presenting the pre-budget Pakistan Economic Survey 2022-23 stating that he should have also presented his resignation alongside the survey.
Slamming the PDM coalition government on Twitter, the former finance minister said: “The economic destruction that PDM did in one year did not happen in any war or epidemic.”
‘Biggest growth decline since 1971’
Meanwhile, PTI’s Umar termed the country’s economic collapse “catastrophic.”
“GDP growth declined from 6.1% last year to 0.3% this year as per govt statistics. This is the biggest growth decline since 1971 for Pak. Add the highest inflation in nations history,” he wrote, taking to Twitter.
The former minister reminded the government that “this ain’t working. Time to rethink, reset & revive.”
Since the ouster of their party chairman in April last year following a vote of no confidence, PTI politicians have been criticised the Prime Minister Shehbaz Sharif-led government for its economic policies.
Pakistan Economic Survey 2022-23
A day earlier, the finance czar presented the pre-budget survey during a presser in Islamabad as part of his first budget for the Shehbaz-led administration.
The federal government’s budget, which will be announced today, is said to be eagle-eyed by analysts for any hints about populist dole-outs and they would also try to ascertain if the government was willing to pursue economic discipline required to enter another International Monetary Fund (IMF) programme.
According to the economic survey, Pakistan’s GDP growth rate came to a crawl in the ongoing fiscal year — one of the worst in terms of meeting annual macroeconomic targets — dragged down by agitational politics, cataclysmic floods, trade barriers, and a dangling IMF bailout on top of bare minimum foreign exchange reserves.
At the start of the presser, Dar reminded the journalists of 2013 when Pakistan Muslim League-Nawaz (PML-N) government took charge. He explained that at the time the economy was in tatters, there was loadshedding of 18 hours and terrorism was on the rise.
“We followed our ‘three-e’s’ concept and Pakistan saw macroeconomic growth,” recalled Dar, adding that now, we are focusing on five-es — exports, equity, empowerment, environment, and energy. These are our five driving areas.
Following were the key takeaways from the economic survey:
Real GDP posted a growth of 0.29% in FY23.
GDP at current market prices stand at Rs84,657.9 billion in FY23, showing a growth of 27.1% over last year (Rs 66,623.6 billion).
Per capita income stood at $1,568 as compared to $1,765 last year.
Investment to GDP ratio stood at 13.6% in FY23 compared to 15.6% in FY22.
Growth of agriculture sector estimated at 1.55% in FY23.
The industrial sector posted a negative growth of 2.94% in FY23.
A 10-member Task Force has been formed by the government to digitize the Federal Board of Revenue (FBR) in partnership with the Special Investment Facilitation Council (SIFC).
Improving FBR’s systems and completely digitizing its operations are part of the Task Force’s mandate. Policy interventions, data automation, software installation, and collaboration with provincial revenue authorities are among the main goals.
Together with developing a track-and-trace system through integrated automation, the task force will also establish an Automated Supply Chain System for distributors and wholesalers.
Pakistan Revenue Automation Limited would become a stand-alone IT bureau for planning and data preparation.
In order to create a unified national tax strategy, the project seeks to maximize revenue collection, increase transparency, and simplify Pakistan’s tax system while encouraging cooperation between the federal and provincial tax authorities.
The benchmark 100 Index was up 777 points, finishing at 90,970 points, as the Pakistan Stock Exchange (PSX) maintained its striking upward trend for the sixth day in a row.
Strong market momentum and investor optimism were highlighted by the index’s 850-point spike earlier in the day, which briefly reached a record-breaking 91,050 points.
As trading activity hits previously unheard-of heights, the historic milestone represents increased investor optimism and represents a tremendous accomplishment for the PSX. Experts foresee continuous momentum if favorable conditions continue, attributing the ongoing advance to optimistic economic indicators and investor zeal.
The dates of the 2024 International Conference on Sustainable Agriculture are set for October 29 and 30 in Karachi.
Supported by the Green Pakistan Initiative, which has achieved great strides in the last year, the conference is organized by the Pakistan Media Development Foundation, Exhibitor TV, and Ripple Concept.
Focusing on enhancing agricultural productivity using contemporary technology, the conference supports the Special Investment Facilitation Council’s (SIFC) prioritizing of agriculture.
Experts will talk about sustainable techniques and organic farming, and there will be a plenary discussion on the Land Information and Management System.
In order to facilitate connections between professionals and stakeholders, the event will also feature exhibitions that promote contemporary methods and technologies.
Sindh and Balochistan’s agriculture departments will display their accomplishments in provincial pavilions. Participants will also include sponsors Saudi-Pak Investment Company, National Bank of Pakistan, and Bank of Punjab.