This refers to the article, ‘Are we out of the woods?’ (June 1) by Dr Farrukh Saleem. It is difficult to agree with the writer’s opinion where he has placed the entire blame for the current economic mess on the PTI government. In the 2018-19 financial budget, the PML-N laid down economic landmines as taxes were arbitrarily slashed and expenditure was intentionally understated. Things do not seem to be good in the next tax year. Reports suggest that the budget deficit for FY 2022-23 is likely to be Rs5.4-5.5 trillion or eight per cent of the GDP. The country’s external financing requirement will be around $ 35-37 billion.
It is unclear whether this government will be able to reduce the suffering of Pakistanis. Will the rich be taxed more? The modest target assigned to the FBR suggests that the rich and influential groups will be spared. It seems that the economy will once again be surviving on the crutches of increased borrowings. Is this a workable solution?
Arif Majeed
Karachi
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