Government's economic policies termed failure

Speakers at a seminar on "Pakistan's current economic condition and governments' claims," organised by the Jamaat-e-Islami Pakistan, criticised the country's economic policies, saying it has failed, causing inflation and rising prices.
They demanded that President Pervez Musharraf resign to allow the induction of a true democratic government, which could formulate economic policies in accordance with the aspirations of people of Pakistan. They said that prices of essential items were increasing adding unbearable burden for the poor people of the country. Expressing no confidence over economic policies being pursued by present regime, they were of the view that new policies need to be adopted for the betterment of the country as well as people.
Secretary General Syed Munawar Hassan said President Musharraf's regime had been a decade of destruction harming the country and nation. "Pakistan is passing through a very crucial period and the hour has come to get rid off present rulers, who had written off huge amount of loans," he said.
He said all the government claim of bringing economic prosperity, were false and they could not hoodwink people of the country through jugglery of figures. Quoting the SBP report, he said this present true picture of economy, as serious irregularities have been pointed out in the report.
About the Musharraf-Benazir deal, he said the PPP chairperson was making this deal to safeguard her personal interests. Whosoever would strike a deal with Musharraf would have to pay huge price, as it would cause serious blow to such leaders.
Research Institute of Islamic Banking and Finance Chairman Dr Shahid Hasan Siddiqui in his speech said after the 9/11 the United States had given 10 billion dollars' assistance and incentives while Paris Club had re-organised loans of 12.5 billion dollar. Shahid said 6 billion dollars had been collected through privatisation of different institutions while over 24 billion dollars received through foreign remittances. The size of internal and foreign loans had increased from 2,990 billion dollar in 1998-99 to 4,900 billion dollar in 2006-2007.
He said that casino culture and gambling in economy is being promoted while the nation is being promoted towards expenditures instead of saving. He called for evolving new economic and banking policies, putting halt to privatisation process and imposing restriction on foreign investment in banking sector.