Masses hope Nawaz Sharif will spark economic revival:PEW

Lahore: The Pakistan Economy Watch(PEW) on Monday said the credit of successful elections goes to undeterred masses, judiciary and the Election Commission.

The failure of PPP is being attributed to unabated corruption, energy crisis, destruction of independent institutions and decisions of some advisors with dual nationality, it said.

After unexpected surge in the National Assembly, the PML-N Chief Nawaz Sharif should initiate nation building by prioritising economic revival, make taxation system just, and reverse policy of taxing poor to please rich, said Dr Murtaza Mughal, President PEW.

Otherwise, PML-N will meet the fate of PPP in the next elections scheduled in 2018. PTI Chief Imran Khan should also walk his talk to save country from becoming a failed state, he said.

He said that Pakistan has less than seven billion dollars of foreign exchange, tax collections remains at lowest in absence of any initiative to tax mighty and energy crisis has taken toll on the economy.

Dr Murtaza Mughal said that the real challenge for the new government will be to get loan from IMF to salvage sinking economy, make a good budget, tax agricultural income and introduce reforms in the power sector.

Six years ago, power sector needed Rs 59 billion subsidy which has now touched Rs 311 billion mark without any improvement.

In the current fiscal former government borrowed Rs one trillion from domestic sources despite getting $1.8 from the US as CSF disbursement, he informed.

Dr Murtaza Mughal said that Pakistan’s foreign debt stood at $40 billion in 2007 which crossed $60 billion mark in the five long years of democracy and total foreign debt may surpass $75 billion until 2015 if serious reforms were avoided.

The PPP’s abysmal performance over the past five was also a reason behind PML-N’s stunning success which should never be forgetter by the winners.