Observer Report
Islamabad
Former President Islamabad Chamber of Commerce and Industry (ICCI) Shahid Rasheed Butt on Sunday said government is adding Rs45 billion per month to the circular debt which is unsustainable.
In statement issued here, he said that the government has failed to introduce any reforms in the power sector which has become a grave threat to the economic stability of the country.
Shahid Rasheed Butt said that last year top government functionaries claimed that circular debt was Rs38 billion per month during the PML-N rule which has been reduced to Rs8 to 10 billion.
However, the current government added Rs538 billion to the circular debt in the last two years with the addition of Rs45 per month in the debt pushing it above Rs2.1 trillion which is a record.
The former President ICCI said that the government has broken the record of the PML-N led government and now it will punish honest consumer for their failure.
He also demanded a complete ban on creating of new districts as it is not beneficial for the masses or economy. Establishing new districts satisfy the ego of the politicians and burden the national exchequer by almost 2 to 3 billion rupees which is wastage of resources, he said.
The business leader said that our total debt has risen to Rs36 trillion due to wasteful expenditures which is enough to bankrupt the country.
Shahid Rasheed Butt said that different governments have created around forty unnecessary districts to please their party leaders burdening exchequer by almost Rs100 billion annually which could have been used to improve the quality of life of people.
He said that important issues like health, education, clean drinking water and sanitation are ignored to make symbolic mega projects and new districts.
