We have been highly excited upon the arrival of a democratic government under Asif Zardari's dynamic leadership, and expected economic boom will follow in all spheres of the economy. We still hope this will happen soon.
But, much to our surprise, our savings and our elderly folks savings in listed shares of stock exchanges is showing continuous substantial negative results, so much so, that market values of all leading and ordinary shares have gone down by up to 50%, and with negative locks, we are unable to sell our shareholding even at a loss.
I am sure the economic manager, namely Finance Minister, Naveed Qamar who holds excellent credential, would do much better than Shaukat Aziz, the former Prime Minister/Finance Minister, but his absolute neglect, with high discount rate by the State Bank of Pakistan, are bringing negative impression of the ruling party/coalition.
I hate to say, now people/stakeholders talk about the attention given by the previous government on such fundamental issue, as adverse stock market performance was always controlled by the pervious government. Nobody knows why upon the take-over Moody's and Standard & Poor's (rating agencies) have downgraded Pakistan's credit rating, and why our own State Bank of Pakistan has jacked up discount rate.
With PPP's dynamic democratic leadership, instead of positive economic events to occur, it seems everything is going in reverse, specially the stock exchanges' continuous and heavy downturn, high discount/interest rates, skyrocketing food and fuel prices on daily basis, and how they can be stopped. It needs the party's intervention.
Thus I humbly request and urge PPP to kindly immediately direct the Finance Minster, Governor State Bank of Pakistan and Chairman SECP to engage themselves fully on whole time basis and direct them to provide instant and quick economic packages to rescue sufferers of stock exchanges, curb discount rates, and take measures to reduce/hold inflationary pattern of increases in food and fuel prices. I am eagerly waiting to hear good news from PPP and I am hopeful it shall not let us down and take instant and immediate measures to relieve all affected Pakistanis.