Pakistan’s economy has been contracting for past four years, says Ahsan Iqbal

Planning Minister Ahsan Iqbal said that the country’s economy has been consistently decreasing for the past four years.

On Tuesday, Ahsan Iqbal while briefing the National Assembly Standing Committee on Planning, presided over by Khalid Magsi, criticized the appalling development record of the country during the previous PTI administration.

Ahsan lamented that during the past four years, a substantial portion of money for the provinces had burdened the Public Sector Development Program (PSDP) and that 42% of schemes had been included in the program as a result, leaving little to nothing for the federal initiatives.

He informed the committee that his predecessors engaged in adhocism and avoided developing comprehensive strategies. He painted a dire image of the economy and asserted that the only way the nation could overcome its problems is if it could produce $100 billion in five years.

According to the minister, to meet the nation’s external financing needs, domestic exports must rise from $30 billion to $100 billion for the next five years.

He claimed that despite Pakistan’s development program’s yearly financing needs being over Rs. 1900 billion; the government was only able to set aside Rs. 700 billion for the current fiscal year due to budgetary restrictions.

Ahsan said that while the PML-N government implemented Vision 2010 and Vision 2025, the previous administration did not approve the five-year plan.

LEAVE A REPLY

Please enter your comment!
Please enter your name here