There was $48 billion trade deficit during last year & there was over Rs 5,000 billion budget deficit last year: Miftah Islamil

ISLAMABAD, August 16 (SABAH): Federal Minister for Finance and Revenue Dr. Miftah Ismail Ahmed has said that there was $48 billion trade deficit during last year and there was over Rs 5,000 billion budget deficit last year, adding that we have no money to fulfill the gaps of trade deficit and budget deficit then whether our country is independent and self-reliant, whether for this purpose our forefathers established the country and it is matter of concern. He said that the charter of economy in the county is necessary because the 40 percent children in the country are stunted.

This was stated by Miftah Ismail while addressing the All Parties Conference for “Revival of Economy” organised by Islamabad Chamber of Commerce & Industry in collaboration with National Press Club, Islamabad on Tuesday. Federal Minister for Poverty Alleviation and Social Safety Shazia Atta Marri, JUI-F Secretary General Senator Maulana Abdul Ghafoor Haidery, Jamaat-e-Islami Naib Emir Mian Muhammad Aslam, Pakistan People’s Party leader and Advisor to PM on Kashmir Affairs and Gilgit-Baltistan Chaudhry Qamar Zaman Kaira, PML-N leader Senator Mushahid Hussain Syed and other leaders were also present on the occasion.

Miftah Ismail said that the charter of economy should not only be struck between the political parties but the other stake holders including media and chambers, trade industries and courts should think about it. He said that today the average age of Bangladeshi citizens is more than five years from average age in Pakistan, adding that prior to the fall of Dhaka there were 162 seats of Bangladesh and 138 seats of West Pakistan in National Assembly. He said that the population of West Pakistan was less than the population of East Pakistan in 1971, adding that today the population of Bangladesh is 150 to 160 million and our population is 230 million.

Miftah Ismail said that we did not carry out population planning during the last 20 or 30 years. Miftah Ismail said that whether we are protecting the respect of the country which was established by our parents while shedding a lot of blood, adding that if the finance minister of Pakistan ask for money from finance minister of any other country then whether we have promoted the respect of country?  He said that if the prime minister of the country becomes helpless to ask for money while visiting other countries or institutions then whether the country was independent and self-reliant. He said that Pakistan was at fourth position in default list in the world. He said that the previous government secured Rs 20, 000 billion debt, adding that there is loan of Rs 45 or 50 thousand billion on Pakistan. He said that half of our children did not go to school. He said that if there are 10 children illiterate in the world out of them one is Pakistani. He said that Pakistan is importing things of $80 billion and it has nothing to export $30 billion things to the world. He said that overseas Pakistanis send $30 billion and it jointly becomes $60 billion. He said that politicians and businessmen should have to put their share. He said that if we want freedom then there should not trade deficit of $48 billion and current account deficit of $17.5 billion. He said that if the country has only $9 billion and it has to return back $21 billion during the ensuing year then we should not talk about the freedom. He said that today’s budget deficit will be current account deficit of tomorrow.

Miftah Isamil said that we installed power plants of 12,000 megawatt during the previous tenure of our government and we took the electricity production capacity from 13,000 megawatt to 25,000 megawatt which was a miracle. He said that instead of doubling the industrial production and doubling exports, we established marriage halls, adding that today we have no money to purchase coal, furnace oil and LNG.

Miftah Ismail said that we have to educate our children, we have to live in our means, we have to focus on exports and improve agriculture sector, adding that whether there is any finance minister or any political party until and unless these four things are done the country could not move forward and if these four things are done then certainly will move forward.