Masses bearing the brunt of 'unrealistic' revenue targets: PEW.

KARACHI -- Industrial production was being compromised for the sake of unrealistic revenue targets, which was not in the national interests, said Pakistan Economy Watch (PEW) in a statement issued on Saturday. It observed that the conditions set by the International Monetary Fund (IMF) have resulted in the negative growth of important sectors, while tax measures have made it difficult for the masses as well as the business community to manage their routine matters. 'The interest rate is kept one per cent above the IMF-desired rate.

This has damaged the economy and pushed many industries in the ICU,' said PEW President Dr Murtaza Mughal. He said that compression of imports has saved $4 billion but inflicted a revenue loss of Rs200 billion in five months, adding that GDP has reduced by tens of billions. 'Discouraging imports has left many industries closed, resulting in massive unemployment, loss of revenue and runaway inflation,' he noted. Dr Mughal said that economy and the masses were paying the...