KARACHI: PML-N sees economic growth rate at record low
By Our Staff Reporter
KARACHI, May 9: The growth rate of Pakistan’s economy over the last three years, under the Musharraf government, has plummeted to the level of ‘50s i.e. lowest ever in the country’s history.
This was observed by the chief coordinator of Pakistan Muslim League-N, Ahsan Iqbal, who is a former deputy chairman of the Planning Commission of Pakistan.
Addressing a press conference at a local hotel here on Friday, he contested Gen Musharraf’s claim that during his government, the economy had been turned around and that the country was on the brink of bankruptcy on Oct 12, 1999.
Quoting from the economic survey report, Mr Ahsan maintained that thegrowth rate at the time of toppling the elected government was 4.2 per cent, showing an increase from 1.7 per cent in 1997, despite nuclear sanctions being in place. However, during the three-year period under Gen Musharraf’s rule, the growth rate came down to 3.9 per cent in 2000 and 2.5 per cent in 2001 before going up to 3.5 per cent in 2002. Similarly, he added, the average GDP growth rate dropped to 3.2 per cent from 4.6 per cent as recorded during ‘90s.
“Pakistan is the only South Asian country whose per capita income has dropped from US$480 in 1997 to US$420 in 2001 whereas India’s per capita income has increased from US$380 to US$480 during the period,” he pointed out.
Terming the government’s boast of having amassed US$10 billion in foreign exchange reserves ‘a false indicator’, he suggested that it did not provide any relief to the poor from hunger and unemployment. On the contrary, he said, poverty level jumped from 32 per cent to 38 per cent over the last three years.
Mr Ahsan claimed that the government failed to launch a single solid-infrastructure project in the country during the period and resorted only to ‘stealing credit’ of the Nawaz government projects by cutting ribbons and putting its own inaugural plates.
He accused the government of causing a loss of over Rs125 billion to the national exchequer by shelving or delaying important projects started by the Nawaz government. In his connection, he mentioned the Karachi-Gwadar coastal highway project which was to be completed in 2001 and pointed out that not more than 50 per cent of the construction work could have been completed as yet.
Similarly, he said, the first phase of the Gwadar port was to be completed in 2001-02, Islamabad-Peshawar Motorway and Pindi Bhatian-Faisalabad Motorway were also to be completed by 2001. The new Lahore Airport, he added, was to be completed by 2001 but inaugurated two years behind the schedule.
The PML-N leader further noted that Karachi Northren By-pass and Lahore Ring Road projects were scheduled to be completed by 2002.
“Nawaz government had launched revolutionary projects in 1999 for poverty alleviation. These projects included construction of 20,000-km farm to market roads in three years with an allocation of Rs7.5 billion meant for electrification of 5,000 villages. Had these programmes been allowed to continue, there would have been no village without electricity and road access today,” he claimed.
Likewise, an amount of Rs6 billion was allocated as special development package for Sindh and Rs2.5 billion for Balochistan and NWFP in 1999, he said adding that none of the development schemes had been implemented so far.
Ahsan Iqbal said that no successive government in the past 25 years could match the development record of Nawaz Sharif government which had launched motorways, new ports and airports, highways, Ghazi Barotha and Chashma nuclear power projects besides providing rural and urban infrastructures in the country.
Syed Hafeezuddin and several other PML leaders were present at the press conference.
