Economists reject economic development claims in govt’s ad campaign

Pakistan is going through the most challenging economic situation at the moment, inflation is at its peak, poor people are embracing death by standing in flour lines, while the government is giving advertisements in newspapers with people’s tax money to show its economic growth achievements.

Economists have categorically rejected all claims of the government regarding economic development and termed it a failed attempt to show economic growth in Pakistan.

Advertisements given by the federal government in newspapers are named “Know Your Economy” and “Rebuild Pakistan”.

According to the government survey, the current account deficit decreased by 57%, that is, the current account deficit decreased from 7.2 billion dollars to 3.1 billion dollars.

Agricultural loans have increased by 64 per cent, that is, earlier agricultural loans were Rs488 billion, which has now expanded to 664 billion rupees.

The trade deficit has decreased by 26% from Rs17.4 billion to Rs12.8 billion. Tax collections grew by 17.4 per cent to Rs 3429 billion from Rs2,920 billion earlier.

According to a government survey, Rs364 billion rupees were distributed to the poor under the Benazir Income Support Program (BISP).

According to the survey, a historic farmer package worth Rs1,800 billion was introduced.

The dollar was stabilised to protect the country from default.

According to the government survey, the external debt was repaid in time so that Pakistan could be rebuilt together.

Former finance minister Shaukat Tarin wrote on Twitter, “Inflation is the highest in our history, businesses and industries are closing down,Fx reserves can only pay for 3 weeks of imports, fiscal deficit is running 2 times target and debt has increased by $6.8trn in 6 months, yet the govt is running paid ads to misinform public.”

“Current Acct deficit has come down as imports have been squeezed resulting in shut down of industry, revenue has missed target and has increased by 16%yoy vs 35%yoy by PTI govt last year. The public know the real story and will not be deceived. Time to call elections,” he said.

Inflation is the highest in our history, businesses and industries are closing down,Fx reserves can only pay for 3 weeks of imports, fiscal deficit is running 2 times target and debt has increased by $6.8trn in 6 months, yet the govt is running paid ads to misinform public. 1/2 pic.twitter.com/2uniCmxEe5

— Shaukat Tarin (@shaukat_tarin) January 8, 2023

Economist Atif Mian tweeted and mocked the federal government, “My favorite is “currency stabilized. It reminds me of the joke where a courtier is too afraid to tell the king that his favorite horse has died – so he lovingly tells him: عالی جاہ، آپ کا گھوڑا بہت ہی پرسکون نیند سو رہا ہے”

My favorite is “currency stabilized”

It reminds me of the joke where a courtier is too afraid to tell the king that his favorite horse has died – so he lovingly tells him:

عالی جاہ، آپ کا گھوڑا بہت ہی پرسکون نیند سو رہا ہے https://t.co/9f8V75ww8Y

— Atif Mian (@AtifRMian) January 8, 2023