The govt’s borrowings are close to 150 dollars as of July 2014.
Speakers at a press conference jointly organised by Institute for Social and Economic Justice (ISEJ), Campaign for Abolition of Third World Debt (CADTM Pakistan) and Tax Justice Roundtable in connection with Global Week of Action against International Financial Institutions (IFIs) October 8-15 2014 at Lahore Press Club in Lahore yesterday said this would make every Pakistani indebted to $825.
The current debt to Gross Domestic Product (GDP) ratio is 64.27 percent, violating the Fiscal Responsibility and Debt Limitation Act (FRDLA). This is a bleak situation. The government is constantly taking new loans and imposing heavy taxes and billing in order to repay the IFIs and creditors. The government should stop blind borrowing, generate revenue through progressive taxation and set up debt audit commission to dig out illegitimate debts, they remarked.
ISEJ Director and focal person CADTM-Pakistan Abdul Khaliq said that, “Pakistan needed a financial system, which should allow its people to hold their governments and IFIs accountable for their policies and actions.
The people of Pakistan are less and less ready to bear the injustice at the hands of governments and lenders. Poor people are being forced to contribute to pay back the loans, never spent on masses welfare.”