Pakistan practically defaulted, technocrat govt a solution: M Ali Tabba

CEO Lucky Group Muhammad Ali Tabba has claimed that Pakistan has practically defaulted and suggested that a technocrat government is the only solution left to end the crisis.

The business tycoon said that the politicians could not make difficult decisions due to their political and global interests. The plight of Pakistan’s economy and the rise in the value of the dollar on a daily basis increased debts worth billions of rupees.

Tabba was of the view that the country is practically defaulted and now technocrats should be given the power to make difficult decisions. He expressed his views during an interview to a business journalist Farooq Baloch.

Tabba said that a technocrat government should have to make the difficult decisions because the political government cannot make such moves. “They are industrialists. They are landlords. The solution is for you to bring in a government comprising of technocrats for a couple of years so that they can carry out revolutionary reforms.”

🥁📢Out of the box solution🚨
CEO Lucky Cement/KIA🚗🇵🇰 @MAliTabba says 🇵🇰 economy is bankrupt. Only a #Technocrat govt can 🚑 fix it coz politicians will never do req reforms. Retweet if agree.
Full interview here: https://t.co/llcmczkFui#budget2022 #Budget2023 #Budget2022to2023 pic.twitter.com/INiQfDlfXc

— Farooq Baloch (@alifaarooq) June 12, 2022

He said that population growth in the country has reached 2.5 per cent, water reserves are declining, gas reserves are declining in the current situation, and the level of inflation will come down to 16 to 17 per cent. He predicted that the estimated economic growth mentioned by the present government is 5% but it will not be more than 2.5%.

Tabba said that the numbers given by the government in the budget are not correct. Pakistani government banks are corrupt, but people have a lot of money, 50% of people have an “undocumented” profession and they do not even pay taxes.

He said that there are three ways to increase the national resources including foreign direct investment (FDI), remittances and exports.

“Unless these three sources bring in $80 to $90 billion annually, our economy will not stabilise,” he said.

While replying to a question, Muhammad Ali Tabba said that the first thing is that our exports are not what they should be, and we do not have the foreign exchange resources that should be, the government to handle the economy and the government needs at least $17 billion on a monthly basis.

“India’s FDI is more than 100 100 billion annually. This is because they create an environment for foreign investors. The neighbouring country made major tax reforms which attract foreign investors. But in Pakistan, no revolutionary steps are taken to improve the tax system.”