The traders, while reviewing the five years performance of the PPP-led coalition government, observed that it was the worst era in view of economy, as foreign debt was escalated by over 100 per cent in last five years.
Addressing the meeting of APAT executive committee, general secretary Naeem Mir stated that the ruling Pakistan People's Party during its five-year constitutional tenure, due to complete on 16th March, fulfilled no promise it had made with the masses in its election manifesto titled 'Towards Peace and Prosperity in Pakistan' in 2008. The 'broken promises' included sustainable high economic growth, sound macroeconomic policies, elimination of energy shortage, environmental protection, world class irrigation system, ridding Pakistan of violence, bigotry and terror, employment for youth, lowering inflation, provision of quality education, healthcare and clean potable water, bringing progress to the doorstep of workers, farmers and small businesses, supporting the disadvantaged, making Pakistan business-friendly, women empowerment, citizen-centric governance and good governance.
He claimed that the rulers from the PPP had failed to respect the commitments the party had made to the masses. He said that Pakistan was caught in debt trap and ratio of total loans reached 72 per cent of the GDP, which is highly alarming. He said that rupee was depreciated by almost 65 per cent against green back during this tenure. Foreign Direct Investment plunged to the lowest level during this era owing to energy crisis and alarming level of insecurity.
He said that power tariff was raised in the range of 40 to 95 per cent in this period while circular debt was escalated to Rs 872 billion from five-year past time of Rs 326 billion. The unannounced and scheduled power loadshedding and gas suspension halted the industrial production as well as agriculture growth leading to skewed economic growth between 1.7 per cent to 3.5 per cent while taxpayer subsidy of Rs 1500 billion could not rescued the power sector.
POL product prices were gone up 70-160 per cent during past five years despite the fact the same was up just by 3.29 per cent in global market. The gas theft was on the peak while its rate was enhanced by up to 60 per cent. In the same way kitchen items rate was increased by up to 200 per cent while salaries were not enhanced with same ratio. Inflation hovered around the 15 per cent mark in last 5 years and the Consumer Price Index increased from about 100 points to about 173 points.
Just in the last year alone, Pakistan's ranking on the Ease of Doing Business Survey has fallen from 104 to 107. Record tax collection was shown in the figures but austerity measures were not implemented leading to fiscal deficit of Rs 1600. There was virtually no writ of the government as terrorism, violence, target killing of traders and extortion hit the country hard during this black era of the PPP rule.
Around 57 per cent resources were shifted to provinces under NFC award but provinces could not show surplus budget. Thousands of precious lives ended but result is zero. Quoting NAB DG statement, he said that oil mafia, agriculture cartel and tax evasion/theft contribute to a daily loss of Rs 5 billion, which meant Rs 150 billion in one month and Rs 1,800 billion a year.
According to Transparency International, Pakistan had lost more than Rs 8.5 trillion in corruption, tax evasion and bad governance during first four years tenure of Gilani's regime. In regard to the corruption cases of the PPP's present tenure like Haj scam, Pakistan Steel plunder, Railways corruption, Rental Power loot and others, neither the FIA nor the NAB probed the cases fairly only because of the involvement of their political masters. Traders said that government enjoyed rule in five years at the cost of country's stake.