Govt losing credibility due to economic decline

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Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Friday said the political leadership is losing its credibility in the people due to the economic downturn.

Policies of promoting the nobility at the cost of commoners which is in practice for decades have pushed the country to the brink of default but it has not forced politicians to mend ways, he said.

Shahid Rasheed Butt said that IMF and the FATF have trapped the country while the government has no plans to get out of this predicament.

In a statement issued here today, he said that the life of a common man has become a living hell while the elites are flourishing due to the policies framed to please them which has brought the country to the brink of civil war.

The exchange rate erosion is destroying the economy and now the threat of coronavirus is also increasing as the economic woes were not enough, he observed.

The business leader said that the approval of the budget is pending and the economic crisis is getting worse which has eroded the purchasing power of the people.

He noted that taxes are being levied on the poor instead of the rich who have made a mockery of tax reform claims.