Five years of democratic rule proved difficult for masses, economy


Islamabad, MTT News Desk: Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Saturday said that the policies and performance of the government in last five years is pushing country towards total economic collapse.

The democratic government disappointed majority as multiple crises left millions insecure and vulnerable, said President IWCCI Farida Rashid while speaking to businesswomen.

Government failed to improve situation of employment, education, energy, environment and equity which was part of its manifesto, she said.

Farida Rashid said that policies to promote nobility and squeeze poor left economy half-dead while rupee eroded by 36 per in five years getting prominent position in the club of worst performing currencies.

Despite warnings, the government accumulated the biggest mountain of debt in the history of the country pushing government debt from 6 trillion to 13 trillion, she informed.

The energy crisis was used to meet personal goals while CNG decisions left millions jobless and starving as majority of those who lost jobs at filling stations and workshops have no other marketable skill, she said.

President IWCCI said that government set new records of mismanagement, and broken promises which earned it suspicions inside the country and on global level.

She said that economic growth which was dismal 3.7 pc has been projected to slide to 3.2 pc this fiscal which will make it difficult to repay $ 7.5 billion to IMF by 2015.

Pakistan is the only country is the region where the production of gas and electricity is going down while prices are going up, she added.

With four per cent annual increase, gas theft has reached to Rs 30 billion while electricity theft and losses have touch mark of Rs 139 billion for which masses are being held responsible and made to pay, she regretted.

Flour crisis has also added to the uncertainty among masses that were already facing multiple problems.

Farida Rashid said that policy to promote elite resulted in greater divide between rich and poor, reduced tax collection, gloomy economy and few job opportunities for millions of job-seekers.

She said that claims and statement of success will not help anymore; rulers will need to frame policies to resolve the economic breakdown and change strategy of pumping massive wealth into the coffers of nobility.

Founder President IWCCI Samina Fazil, Naima Ansari, Perveen Khan and others were also present on the occasion.

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