Former finance minister and leader of the Awami Pakistan Party, Miftah Ismail, has expressed serious concern over the country’s slowing economy, warning that Pakistan is unlikely to witness improved growth rates in the foreseeable future.
Speaking to a private news channel, he said unemployment continues to rise because the economy has not shown any meaningful growth for the past three to four years. As a result, poverty, financial stress, and frustration among the public are increasing rapidly.
Ismail noted that although the average monthly salary has increased from Rs 24,000 last year to Rs 38,000 this year — a rise of Rs 14,000 — soaring inflation has eroded real purchasing power, leaving salaried individuals worse off than before. Meanwhile, those who are unemployed are sinking deeper into debt.
Analyzing the broader situation, he said Pakistan’s imports are declining, economic challenges are increasing, and the rupee has depreciated by 4%. He stressed that a 6% economic growth rate is nowhere in sight unless the government undertakes urgent and meaningful reforms.
He highlighted several critical actions the government still has not taken:
▪ Revising NFC shares
▪ Reducing tax rates
▪ Cutting government expenditures
▪ Privatizing state-owned enterprises
▪ Downsizing the government workforce
▪ Privatizing the power sector
Ismail criticized the government for once again delaying the implementation of the agricultural tax. “A person earning Rs 50,000 to Rs 100,000 a month is taxed heavily, but someone owning thousands of acres of land pays nothing,” he said.
He further cited the IMF’s recent report, which states that corruption and poor governance cost Pakistan 5–6% of its GDP every year — a loss the country can no longer afford.
