ISLAMABAD : The Pakistan Economy Watch (PEW) on Thursday said the incominggovernment is to face a dire economic situation which will require theundivided attention of new economic managers to save the country from agrave crisis.
The incoming government should carefully formulate its response to themounting economic challenges without any delay while the opposition partiesshould also cooperate in the national interest to stop the current crisisfrom reaching to the dangerous proportions, it said.
The new government should focus on forex reserves as the economy is burningaround 1.5 billion dollars per month which is not sustainable given theweak position of the foreign exchange reserves held with the central bank,said Dr. Murtaza Mughal, President PEW.
He added that option of a mini-budget should be avoided as it will take atoll on masses and the troubled economy while steps should be taken to tamecircular debt which has become a threat to the power sector.
The masses are very hopeful about the resolution of their pressingproblems, he said, adding that the incoming government should make a planto borrow at least ten billion dollars from the IMF or other sources tokeep the economy running smoothly.
Dr. Murtaza Mughal said that the new government should avoid immediatesteps which can result in worries among the business community as manyimportant contracts signed by the PML-N government merits probe.
A delay in economic management, curtailing the current expenditure andimports, reforming tax structure and bringing an end to data manipulationinitiated by the PLM-N will result in uncertainty and the situation willdeteriorate into an acute crisis, he warned.
He said that the new government does not have the luxury of time,therefore, burying politics of vengeance and pursuing opponents will notonly improve its image but also infuse confidence in the masses and thebusiness community.
Incoming government to face a dreadful economic situation: PEW— Says tackling mounting economic challenges should be the top priority