Pak Economy
By Col. Riaz Jafri (Retd.)
Westridge, Rawalpindi
While defending her government’s economic policies, Dr Firdaus Ashiq Awan - the govt. spokesperson - often argues that the eight-month old PTI govt. should not be expected to restore the economy destroyed by previous governments in the last 70 years.
Through the columns of your august paper I would like to draw her attention to the fact that till 1971 Pakistan’s economy was one of the most robust ones in the region and the US dollar used to trade at PKR 4.76 only! The Ayub era was known as the country’s golden era of industrialization and progress. However, as soon as Zulfiqar Ali Bhutto took over the country in December 1971 the decline in economy began. First, he devalued the currency which shot up the value of the dollar to Rs.9.90 and then he completed the rot by nationalizing the banks and the major industries of the country one by one. The decay has not ceased since.
So it would be more in the fitness of things for Dr Firdaus Ashiq Awan to say that the 8-month-old government should not be expected to clean up the mess created by the previous governments in the last 48 years.
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