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Pakistan is currently in a state of political turmoil. Imran Khan has been removed from power through a no-confidence motion and will now elect the new Prime Minister of Pakistan on Monday. Imran Khan has become the first Pakistani prime minister to lose power through a no-confidence motion. Meanwhile, it has emerged that there has been no increase in the income of Pakistanis during his tenure as Prime Minister. Famous Pakistani-American economist Atif Mian has said this. Atif Mian made several tweets on Sunday. He said that Imran Khan had inherited a bad economy, but he left it in bad shape.

Atif says that the Kovid-19 epidemic is on the verge of extinction and after that Pakistan is once again facing a serious crisis. Atif Mian said in a tweet that there has been zero growth in average income and Pakistan has never emerged from the balance of payments crisis. COVID has provided temporary relief to the crisis as the pandemic hit oil imports and domestic demand, but as the pandemic subsides, Pakistan is again in serious trouble.

 

Lack of understanding of economic challenges in PTI government

He further said that the PTI government lacks understanding of the economic challenges and has also failed to plan properly. The biggest failure was Pakistan’s inability to understand the macro challenges. PTI had inherited a currency crisis before coming to power. Yet the new government has no plans. Precious time and reserves wereted with silly plans.

Atif Mian also questioned why Pakistan could not come out of the balance of payments problem with sustainable development when external adjustments were imposed on the government. Responding to his question, he said that the government has adopted a simple short cut. These shortcuts included speculative portfolio investment, unproductive real estate investment, subsidizing the economy in favor of the upper class, and begging trips to other countries.

The new government is expected to learn from the past

Atif also said that the Pakistan government should formulate an ambitious energy-freedom policy without which Pakistan cannot have sustainable development. This measure would require bringing in and making the resources available to the country’s best renewable energy scientists. He insisted that the development was a serious business venture, but said it was not. This requires building a value chain within the country, building the capacity of our people, our companies, our government. Atif Mian hopes that the next government of Pakistan will learn from what happened earlier and what wrong did the Imran government do in its last term.

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