Melting economy offering no hope.

• Position: Interview with Syed Asad Ali Shah

Syed Asad Ali Shah: I am a Chartered Accountant by profession, have remained a Managing Partner / Senior Partner of Deloitte Pakistan for over 20 years. Also remained President of the Institute of Chartered Accountants of Pakistan, a Board member of the International Federation of Accountants (the global body that represents over 3 million professional accountants worldwide), Chairman of the inter-governmental group on international standards of accounting and reporting (ISAR), within UNCTAD, United Nations, Geneva in 2009. Also remained Advisor to CM Sindh on Finance from 1993-96 with status and powers of Provincial Finance Minister - a quasi-political appointment.

Belongs to a political family, being the son of Syed Qaim Ali Shah, former CM of Sindh and longest-serving parliamentarian in the country, have always maintained my objectivity and independence in my views.

I have been writing on matters of public interest, including macro economy, and governance in the public and private sector. Also remained a member of the Policy Board of SECP and a member of the Task Force on Government Reforms that was chaired by Dr. Ishrat Hussain during the PTI government.

PAGE: How would you comment on the current state of the economy of Pakistan?

Syed Asad Ali Shah: Obviously, one does not have to be an economic expert to say that our economic conditions are bad and getting worse with time. With the highest rate of inflation, no growth, no employment opportunities, the highest economic and political uncertainty and the continuing devaluation of the rupee, we are seeing a kind of economic meltdown.

And the most disastrous part is homelessness and despondency, as there seems to be no light at the end of the tunnel. None of the political parties seem to have any roadmap or leadership teams that inspire confidence.

PAGE: What is your standpoint on the inflated electricity bills?

Syed Asad Ali Shah: Electricity bills have gone up steeply owing to the high cost of electricity generation (high fuel cost, high capacity payments to IPPs), high line losses, restrictions on subsidies under the IMF programme, imposition of too many taxes on such bills and overall mismanagement of...