Pakistan has no economic plan, admits Finance Minister

In a meeting of the National Assembly Standing Committee on Finance that met under the Chairmanship of the ruling Pakistan Tehreek-e-Insaf (PTI) Member National Assembly (MNA), Faizullah Kamoka here at the Parliament House on Monday PTI MNA Ramesh Kumar exchanged hot words with the Federal Finance Minister.

PTI MNA Ramesh Kumar probed the Finance minister and said that “You have to make a plan to revive the economy whereas all the finance ministers who have come after Shaukat Aziz so far have not been able to stabilize the economy,”

After being probed, the finance minister furiously replied by saying that, “Don't tell me what to plan, you have knocked all the former finance ministers who have come after Shaukat Aziz,”

“Don’t include my name in the list of the minister (who failed) to stabilise the economy,” he added.

Shaukat Tareen while clarifying said that he negotiated better with the IMF earlier as he had taken 40% of the money from the fund while going to the programme.

Giving some indications of hard times ahead the Finance Chief said that revenue has been rising for the past two months whereas tough decisions will have to be taken to revive and stabilize the economy.

He maintained that the tax net needs to be increased instead of new taxes whereas there is “no short, medium and long term economic policy in our country,”

He criticized his government for spending very little on the health and education sector while believed that Agriculture, industry, price control, the housing sector needs improvement.

Tareen while giving details said that Eighty-five per cent of all provincial revenue is spent on the country's nine largest cities.

He confessed that Pakistan's economy is not sustainable even for 3 years as the country got no economic plan.

“It was a mistake to keep interest rates at 13.25%,”

The federal minister further said that at the time he was handling the country’s economy, “I have been harassed for taxes and was scrutinized twice,”

Referring to imposing new taxes and increasing revenue, he clarified that no such policy will be introduced by which any sector would be bothered.

“We will not set foot on anyone's tail to increase revenues,” he added.

He simplified that “We have to improve the condition of people who have been deprived for 70 years,” while questioning stated, “What is the fault of the people of Khyber Pakhtunkhwa, Balochistan and South Punjab?”