As soon as the bell of accountability rings, all the corrupt politicians have fled the field, a few are locked up in jail cells, some are waiting for their turn or are sitting in the corner like good children eating yogurt.
The bureaucrats who sided with these corrupt politicians were selected and walled off. The turn has come.
The civil and military leadership is on the same page because this time honest people have come to power, the tax collection system has been reformed, now people are sure that their money will not be spent on the luxuries of the rulers but still the situation. They are getting worse and worse and the positive news is not found by searching with a lamp.
One day it turns out that in terms of economic growth rate, ie GDP growth rate, we have left Afghanistan behind Bangladesh, India, Maldives, Nepal, Bhutan and Sri Lanka, but also far behind.
According to the Asian Development Bank, Pakistan’s GDP growth rate is expected to be 2.8 percent this fiscal year.
When I am heartbroken by this reversal of growth, I reassure myself by thinking that because of these virtuous and pious people, the GDP growth rate has fallen to 2.8%, otherwise it could have been 1.8%. Barely recovering from this shock, I find that the revenue collected by the FBR is declining rather than increasing.
Initially a target of Rs. 5500 billion was set for FBR but if anyone paid attention, this target was reduced to Rs. 5238 billion. But now it turns out that the situation is very serious.
Despite the best efforts, Rs 2410 billion has been collected in the first seven months. Now the IMF is begging the society to reduce the tax collection target to Rs 4450 billion but the IMF’s babu is not complying.The delegation that recently visited Pakistan has made it clear that they should impose more taxes, increase electricity rates or whatever they want, collect Rs 3,520 billion by March, otherwise the next tranche of 45 450 million will not be received.
We thought that tax evasion would end as soon as the captain came, people would line up outside the FBR offices to collect taxes, there would be disputes over the FBR’s estimate. The lower the tax, the higher the tax.
These expectations were based on the assumption that the rulers are thieves and robbers, the national treasury is looted and eaten, the people do not trust them and therefore no tax is collected.
Once a publicly trusted captain is sworn in, the FBR’s revenue will increase manifold, but here it is impossible to meet the traditional target and receive a new loan installment from the IMF. Electricity rates have been increased, gas has been increased by 200%, petrol was intended to be reduced by 6 paisa per liter but this decision was also withdrawn but despite the imposition of new taxes, the amount deposited by the FBR is declining.
Sometimes the heart wants to get rid of it by saying that the previous government had deceived everyone by artificially collecting taxes, we are bringing the FBR revenue back to its original place but then the idea comes that The convincing argument against malaria by stating cancer would be more effective that thanks to the captain, the FBR’s target is expected to fall from Rs 5,500 billion to Rs 4,450 billion, otherwise the target would have been further reduced to Rs 3,450 billion.
In the same vein, it is an explosive revelation that the government, which has threatened to commit suicide if it borrows, has broken all previous records of borrowing.
I would not have believed the recent figures if they had been narrated by an envelope journalist or shared by a Patwari, but these figures were forwarded to the Ministry of Finance during Question Hour in the National Assembly. Have been submitted in writing from
It has been reported that by the end of 2018, the total loans and liabilities were 290 trillion, 87 billion, 90 million, but by September 2019, ie during 15 months, these loans increased by 39%, thus increasing domestic and foreign loans and liabilities exceeded 410 trillion, 48 billion, 90 million.
This means that during the last 15 months, the government has taken new loans of Rs. 110.60 trillion. That is, the present government is borrowing about Rs. 7 trillion monthly, Rs. 23 billion daily, more or less Rs. 1 billion every hour.
If this tragedy of borrowing had been limited to this, it would have been another matter. Intends
Hopefully these loans have been taken to repay the previous loans but in such a case why the overall loans are not decreasing?
Do you think that even this situation should be dealt with by saying that thankfully there is a captain’s government, if there was no captain, the country’s debts and liabilities could have increased by 390% instead of 39%? But its the time to go one step ahead of the accountability of politicians but this should be done across the board and the selectors has to be answerable for this mess which they had created with their policies.