KP CM aide terms federal govt’s economic vision outdated, ineffective

PESHAWAR: Advisor to the Chief Minister Khyber Pakhtunkhwa for Finance and Inter-provincial Coordination Muzammil Aslam on Thursday termed the economic vision of Pakistan Muslim League-led federal government as outdated and ineffective.

He pointed out that the party’s approach to address economic issues has remained unchanged, despite the changing circumstances.Aslam noted that the government lacked a clear strategy to address the country’s economic challenges, with Ishaq Dar and Ahsan Iqbal, who were stuck in old ideas, leading the PMLN’s survival efforts.

During the National Economic Council meeting, Muzammil Aslam said that Shehbaz Sharif was informed about the growth rate, and the five-year estimate shows an average growth rate of less than 4percent, with a negative forecast for major crops next year. Aslam questioned how this vision would control unemployment and poverty, but no one had an answer, and Shehbaz Sharif passed the buck to the Chairman Planning Commission of Pakistan.

Advisor on finance emphasised that Pakistan has been experiencing recession for the past year, with agriculture and industry sectors in negative territory, but the government insists on calling it stability. He criticised Shehbaz Sharif’s team for having limited ability to read data and celebrating a reduction in inflation, which is still above 8percent.

Aslam stated that the reduction in inflation was not due to productive growth, but rather a result of decreased demand and purchasing power due to unemployment and poverty. Aslam expressed concern that remittances if coverage into investment then there is reason to be jubilant but if it’s barely enough to cover household expenditure then it’s a matter of concern. He noted that over 2 million people have left Pakistan in the past two years, which will have a negative impact on the country’s Gross National Product (GNP).

The advisor on finance criticized the government for lacking focus on global development and being unaware of how Trump’s tariff has weakened economic fundamentals. He accused the government of being preoccupied with political maneuvering.

Aslam said that the government had wasted three precious years, and both local and international trust in the government was near zero. “Shehbaz Sharif government lacks a clear plan to address the country’s economic challenges, amidst new security challenges,” he added.