Economic situation a threat to country: PESA

Islamabad: The Pakistan Ex-servicemen Association PESA on Tuesday said government’s non wasteful expenditures have put the economy in a tailspin and the damage would be irreparable if immediate corrective measures were not taken.

Local currency has been eroding while value of dollar is sky rocketing since last five years turning debt trap in to death trap, it said.

Corruption, tax evasion, undue relaxations, waivers and borrowings have crossed all limits putting a question mark on the ability of our economic managers, said President PESA Lt. Gen. Retd Ali Kuli Khan while chairing a meeting, says a press release.

Vice Admiral Ahmad Tasnim, Air Marshal Masood Akhtar, Lt General Naeem Akbar, Brig Mian Mahmud, Brig Masud ul Hassan, Major Farouk Hameed Khan, Major Khurram Naveed Khan, and Naik Raja Muhammad Fazil were also present on the occasion.

The meeting noted that the alarming figures regarding state of economy indicate that we are on the brink of an economic collapse which will force the next government to accept humiliating terms of our Western ‘friends’ before they put something in our beggar’s bowl.

They said that almost all the public sector enterprises are being run of political considerations pushing them to bankruptcy but rulers seems preoccupied with winning votes only with revival of economy on the backburner.

The meeting observed that huge amount of funds are being misused in the name of charity which is nothing but prepoll rigging. PESA members criticised plans to divide Punjab on ethnic basis, in a hurry, as it will add to the problems being faced by country.