- Hammad Azhar says council sets unachievable target of taking economy to US$ 1 trillion in 10 years
ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) senior leader Hammad Azhar said that the Country needed deep structural reforms, not pipe dreams, to resuscitate the ailing economy.
Reacting to formation of new Special Investment Facilitation Council (SIFC), Hammad Azhar said: “The Country needs deep structural reforms, not pipe dreams because our economy is in negative growth and shrinking.”
The PTI leader stated that the tax to the Gross Domestic Product (GDP) was falling and the rate of debt accumulation has doubled in just one year, besides external financing has dried up amid non-existent of rule of law in the Country.
“The new council aims to take economy to one trillion dollars in 10 years. Has anyone done the maths,” he asked, adding that GDP growth would need to be above 11% every year to reach that target, which no Country in the world has achieved. “Reminder: our economy is contracting,” he warned.
Hammad Azhar went on to say that there can be no sustained economic growth purely on the basis of Federal Direct Investment (FDI) in the Country unless our domestic savings and investment rate was not drastically lifted.
Otherwise, he cautioned that the imbalances in the economy would produce large external deficits or spiralling inflation.
“A case of two badly negotiated deals: Azerbaijan LNG: Volume off take guaranteed to seller, price not locked, Right of First Refusal given to seller for free. Karachi Port: Most profitable entity. Leased out for US$ 50 million. Profits will now be repatriated out of County,” he added.
