Islamabad, April 15, 2018 (PPI-OT):Islamabad Chamber of Small Traders on Sunday said the system has failed to deliver as it could not introduce fair and square leadership to the country in the last few decades. Pakistan has been facing the absence of good leaders with commitment, passion, empathy, honesty and integrity and vision since decades which has pushed county to the brink of bankruptcy, it said.
Irresponsible economic and fiscal policies, uncontrolled spending, wastage of funds, lack of reforms and ignoring pressing issues has played havoc with the economy, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. He said that country is passing through the worst economic crisis in its history which is an outcome of irresponsible policies which include spending more than resources and borrowing money to pay debts.
Lack of reforms and rampant corruption has shaken the foundations of the economy which has resulted in the domestic loan of Rs22 trillion and international loan of over 75 billion dollars. In the ongoing fiscal the government will generate 3500 billion rupees while it will spend 6000 billion despite facing a trade deficit of 35 billion dollars, he noted.
Shahid Rasheed Butt said that in past Japan, Turkey and other countries have also devalued their currencies and borrowed but they did not waste it on useless projects but utilized it for national development. Some rulers in Pakistan have used their position to amass wealth to push the country towards poverty, lawlessness, and bankruptcy. If the ruling elite continued to plunder the country it will soon be declared a bankrupt state, he warned.
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Islamabad Chamber of Small Traders and Small Industry (ICSTSI)
24-D, 3rd Floor, Rashid Plaza Blue Area, Jinnah Avenue, Islamabad, Pakistan
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