Governor of State Bank of Pakistan, Dr. Shamshad has said that some defaulters put pressure on banks through politicians to write off their loans even 6000 defaulters have been decreased to 200 only in exit control list due to the politicians’ interference and illegal influence. She has further said that some strict changes are being made in the laws of Credit Information Bureau (CIB), bankruptcy & credit card policy relating politicians to improve the system.
In my opinion, this is really amazing that even each poor person of Pakistan contributes in the economy by paying direct & indirect taxes by different ways but they are deprived from their basic rights & facilities like cheap food, fruit, medicine, education etc. Now, they have been facing problems in the form of continuous electric shut down daily almost after every two hours. Corrupt politicians have been looting the funds of poor people for last many decades. Some examples are here:
- Rs. 560 billion loan was taken by Musharraf’s Government from State Bank of Pakistan instead of its limit of Rs. 63 billion. This amount was spent on non productive expenditures i.e. maintaining luxurious standard & traveling by politicians.
- $ 4.5 billion was received in Musharraf’s period for war against terrorism after 9/11 but no body knows that where did our rulers spend this huge amount?
- Pakistan’s trade deficit has gone up with the increase of 52.35% from 12.311 billion dollars (July06-May07) to 18.756 billion dollars till May 08 which is an alarming situation for Pakistan’s economy.
- Funds of The Bank of Punjab were misused by some politicians.
- More than 70% people of Pakistan are forced to live under poverty line inspite of huge aid and loans.
- Inflation rate is increasing day by day like prices of petrol, electricity and food are being increased twice or thrice in a month resulting disappointment in people of Pakistan.
Still these are few examples due to which Pakistan’s economy is not up to the mark as the funds are not being utilized in a right way.
