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IMF conditions ‘to make budget a bitter pill for the masses’ - Lahore_Real_Estate - 05-28-2010 10:19 AM
Friday, May 28, 2010
Islamabad
The Pakistan Economy Watch (PEW) on Wednesday said the next budget could prove to be last gift from democracy to the nobility as harsh IMF conditions may trigger unrest, says a press release.
The failure of government to provide relief to masses has dwindled their confidence in system.
“All sections of society are protesting over one thing or another and flawed policies are pushing the country to the Stone Age,” said Dr. Murtaza Mughal, President PEW while talking to a delegation of traders from Rawalpindi. He said that government has landed into mismanagement and their only interest seems to be prolonging rule.
Dr. Mughal added that incompetency is adding to different deficits and foreign debt. Now government is planning to levy addition taxes on gas and petroleum to earn Rs70 billion additionally. This is despite the fact that Rs10 billion are being earned through taxes on monthly basis.
Budget of the residence of a ‘prince’ is Rs1.7 billion while poor are asked to live against a monthly income of Rs7,000 which is cruelty at best. “This situation is adding to mass unrest, which could have unforeseeable consequences,” he warned.
Imposition of VAT would result in price hike of minimum 200 essentials by 15-20 per cent, which will be a blow to masses reeling under inflation.