Dr. Qaiser Bangali Warns of Economic Collapse: “Pakistan is Bankrupt”
Leading economist Dr. Qaiser Bangali has issued a stark warning about the state of Pakistan’s economy, declaring that the country is bankrupt and heading towards economic destruction.
Key Points from Dr. Qaiser Bangali’s Press Conference
- Economic Crisis: Dr. Bangali, who recently resigned from the federal government’s austerity committee, expressed grave concerns over the nation’s economic trajectory. He stated, “The country is bankrupt, and the economy is heading towards destruction, but no one in Islamabad is worried about it.”
- Resignation from Government Committees: Dr. Bangali resigned from three government committees two days ago, citing his long-standing advocacy for reducing expenses and imports as being ignored. He emphasized that simply closing institutions is not a viable solution to the nation’s economic problems.
- Support for Protesting Employees: Dr. Bangali voiced his support for the employees protesting against potential layoffs. He stated that while institutions may need to be closed, employees should not lose their jobs as a result. He shared this concern directly with Prime Minister Shehbaz Sharif.
- Need for Industrial Revival: To revive industries, Dr. Bangali highlighted the necessity of reducing taxes and lowering the policy rate. He pointed out that foreign companies are leaving Pakistan, underscoring the urgency of implementing emergency economic measures.
- Challenges in Selling State Assets: He mentioned that despite efforts to sell state institutions, there has been little interest from potential buyers. “No one is giving us loans, and we want to sell the institution, but no one is willing to buy,” he added.
- Commitment to the Truth: Dr. Bangali made it clear that his resignation was final, stating, “I am not angry with anyone; what I am saying is the truth. I will not withdraw my resignation.”
Background: Resignation from Austerity Committees
Dr. Qaiser Bangali’s resignation comes after his involvement in government committees focused on reducing expenditures. His departure highlights the frustration among economic experts over the handling of Pakistan’s economic policies, particularly in times of severe financial crisis. His comments add to the growing concerns about the future of the nation’s economy and the lack of effective action from the government.