Karachi, Altaf Shakoor, Chairman of the Pasban Democratic Party (PDP), emphasized the need for local economic strategies and criticized the reliance on foreign experts for solving Pakistan’s financial issues, highlighting the shortcomings of the current economic policies and the recent federal budget.

According to Pasban Democratic Party, Shakoor expressed skepticism about the effectiveness of international consultants, particularly an unnamed economic expert from Holland, in addressing Pakistan’s specific challenges. He argued for empowering local economists, citing the failure to reduce the country’s high interest rate of 22%, which he believes is stifling job creation and economic growth. The chairman described the current economic development plans, such as the Benazir Income Support and Ehsaas programs, as inadequate, suggesting they make citizens dependent rather than providing sustainable employment opportunities.

Shakoor criticized the government’s budgetary approach, which he claims relies heavily on borrowing at high interest rates, leading to a cycle of debt that consumes half of the budget’s proceeds for debt repayments. He projected a grim outlook with potential new taxes in an expected mini-budget, further burdening the economy. Additionally, he pointed out the inefficacy of the finance minister, who is portrayed as disconnected from the realities on the ground.

Highlighting the critical role of remittances from overseas Pakistanis in keeping the economy afloat, Shakoor argued that without these funds, Pakistan might have faced bankruptcy a decade ago. He also lamented the slow gains from privatization and the disproportionate tax burden on the citizens. The chairman called for a comprehensive reevaluation of economic strategies to prioritize national development over short-term financial fixes and to harness local expertise for sustainable economic reform.