Elite should also swallow bitter pill of IMF strict conditions - Press Release issued by Pakistan Economy Watch.

Islamabad -- January 25, 2023 (PPI-OT)

Following is the text of press release issued by Pakistan Economy Watch (PEW)

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The Pakistan Economy Watch (PEW) on Wednesday said accepting strict conditions of the IMF is the only option available to Pakistan. Instead of making the public a scapegoat, this bitter pill of IMF conditions should also be fed to the elite, it said. All the unnecessary government expenditure and all privileges of the ruling classes should be abolished so that the people get a few sighs of relief, said Mohammad Aslam Khan, Chairman of PEW.

He said that the elites have completely hijacked the country's system, due to which Pakistan has been entering from one crisis to another. Now the plunder of the elite has increased to such an extent that the country's integrity is in danger, he added. Aslam Khan observed that not a single ruler of Pakistan has ever worked seriously to eradicate elitism, correct the direction of the economy, improve governance, eliminate corruption, reduce unemployment and get rid of debts.

The rulers did not have any positive target and they never preferred to work within their means but they always preferred to spend heavily and always ran the country with the borrowed money. The one who is an expert in begging is considered a great economist therefore the whole country has become addicted to loans.

At that time, the only way to maintain the state is debt while addiction to loans blocked the way of industrial and agricultural development in the country. When the western countries turned their backs on Pakistan, we went to Saudi Arabia, China, and the Gulf states, who gave loans worth...