Thursday, 23 May 2024, 07:08:35 am

Austerity measures may play vital role in revival of economy of the country : Analysts
March 13, 2023

Dr. Noor Fatima ( Economist):The economic crisis in Pakistan are getting critical day by day. However, the government is taking effective measures to cut down the expenses through austerity measures as the austerity measures may play a vital role in bringing back the economy on track. The ministers and advisers are directed to forgo their salaries and benefits, give up their luxury vehicles, pay their utility bills out of their pockets, and stop staying in five-star hotels. We must appreciate those who have been complying with the austerity policy. It is a gradual process and will take time to get familiar with the conservation. But one the role model will be available at governmental level, it will definitely trickle down. The main thing is conservation and the need of the time to get familiar with it. 

Mirza Ikhtiyar Baig (Economist): The Prime Minister Shehbaz Sharif from the very first day is making all out efforts to ensure the availability of flour at cheaper rates. It is a good development that the government has announced a relief package has been prepared for provision of free flour to deserving people in Ramazan-ul-Mubarak. Free flour will be distributed to 15.8 million families of Punjab. Unfortunately, the delay in the IMF bailout package is the main cause of inflation in the country. Moreover, the IMF is imposing harsh conditions for the revival of the bailout package. 

Dr. Farooq Adil ( Analyst):  Basically, Pakistan is an agrarian country but unfortunately our priorities have been changed. Being an agri-based country, the government must improve the poor irrigation system, provision of cheaper seeds quality and availability of fertilizers and pesticides on subsidized rates to the farmers. It is a positive development that the government accorded in-principle approval to set the price of cotton at 8500 rupees per 40 kilogram for this year. In the past the government also announced a massive relief package for the farmers    .