PEW sees budget will increase masses’ exploitation

June 13, 2015 Off By Web Desk

KARACHI:,,, Pakistan Economy Watch (PEW) on Sunday said that ruling elite had presented the budget to provide benefit to the oppressive class which lacks any initiative to lift people out of abject poverty.

“The budget will increase the exploitation of the masses as our economic managers who are best at creative accounting are unaware of the ground realities and lack any ability to take short and long-term measures to alleviate poverty. The budget is repetition of the failed economic model focusing on costly loans to boost forex reserves to beat drums of success,” said Dr. Murtaza Mughal, President PEW in a statement issued from Islamabad.

He said that forex reserves cannot be called stable because they are based on loans while the real source to earn foreign exchange are exports which are steadily falling due to disabling environment.

Economic managers continue to praise themselves for reduced budget deficit which is result of slide in international oil prices, he said. Dr. Mughal said that a country like Pakistan fully dependent on loans to survive cannot afford symbolic projects like metro buses, the costliest in the world.

Motorways and metro bus projects have nothing to do with development and everything to do with the ego of rulers. The metro projects have divided cities, destroyed businesses and damaged the beauty of cities. Government continue to discourage any improvement in the dysfunctional tax system so that they can enjoy princely living and the five percent nobility has more money than the remaining 95 percent.