"People are urged to tighten their belts, while new cars are bought for personal use." Miftah Ismail
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00:00If I tell you the truth, in the article I was talking about,
00:05where we were at the front in 1990 in South Asia,
00:08today we are at the back.
00:10This means that our governance has failed.
00:12We will have to change our governance model.
00:15These provinces, their governments have failed.
00:17The work of Wafaaq is given to the provinces,
00:21the work of the provinces is given to Wafaaq,
00:24the local work is given to the provinces.
00:26Roads, roads, schools, hospitals are at the local level.
00:29Local governments should run it.
00:31You should directly give money to local governments
00:33and tell them to raise their own property tax.
00:35Cities like Karachi, Lahore, Islamabad should raise their own property tax.
00:39Wafaaq should help the poorest cities in Awaraan and Charsadda
00:43where there is no money.
00:45You should help the rest of the cities as well.
00:48This is how it should work.
00:50You should take out your own expenses,
00:52you should collect your own tax.
00:54And the big governments that you have created,
00:56the government of Punjab bought 100 cars,
00:58the government of FVR bought 1300 cars.
01:00So, on one hand, we are being told to
01:02bend your back and sacrifice,
01:04the country needs it.
01:06And on the other hand,
01:08thousands of cars are being bought.
01:10So, there is no sacrifice there.
01:12The sacrifice is only for the people.
01:14There is mercy on the poor people.
01:16If electricity falls on the poor Muslims,
01:18there is mercy on the poor Muslims.
01:20If electricity falls on the poor Muslims,
01:22there is mercy on the poor Muslims.
01:50The macroeconomy this year was very good compared to last year.
02:01Last year, when Mr. Dar fought with the IMF
02:03and stopped the currency for 4 months,
02:05and then the currency went in February.
02:07So, in February, March, April, May,
02:09the highest inflation in the history of Pakistan happened.
02:12The inflation increased the fastest.
02:14After that, in June, leaving Mr. Dar,
02:16Mr. Shahbaz went to the IMF and made an agreement.
02:18Mr. Kaye Tacker did it.
02:20And Aurangzeb did a better job.
02:22There is no doubt about it.
02:24But whatever good has come,
02:26I tell you the truth,
02:28it has come from the change of the international situation.
02:30The price of crude oil has decreased in the world.
02:32When I was a minister, for example,
02:34the barrel oil was $120.
02:36Today, the barrel of oil is $70.
02:38Because of this, your petrol is cheaper.
02:40Because of this, your diesel is cheaper.
02:42And secondly, if you had kept so much currency,
02:44you slowed down the economy.
02:46When the economy slowed down,
02:48the demand for the dollar also decreased.
02:50When the demand for the dollar decreased,
02:52your rupee also became stable.
02:54All these things have happened.
02:56But they have not done anything.
02:58They have not reformed a single penny.
03:00The price of oil in the world has decreased.
03:02We have benefited.
03:04God forbid, and these things happen up and down.
03:06Tomorrow, if oil comes back to $90,
03:08we will again be in current account deficit.
03:10Oil will come back to $90.
03:12Then inflation will increase.
03:14But you have not brought in new investments.
03:16You have not built any safety net here.
03:18You have not reduced the government's expenses.
03:20You have not reduced the tariffs on utilities
03:22so that new investments come here.
03:24You have not reduced the tax rates
03:26so that people get some peace here.
03:28Look at this.
03:30The micro-economy of people like me
03:32and your economy is of the Pakistani people.
03:34Has it improved?
03:36The government says that the inflation rate has decreased.
03:38You go to the market and see
03:40if you can buy things better.
03:42What is the meaning of buying things better
03:44in this country for the past three years?
03:48Tell me one thing.
03:50Two or three big things.
03:52This is an export of $30 billion.
03:54How will this go up to $50 billion
03:56in five years?
03:58We are expecting that
04:00the energy costs are not decreasing.
04:02Maybe they will increase even more.
04:04Then we see a figure.
04:06They say that there is a big dip
04:08in large-scale manufacturing.
04:10The small-scale industry
04:12has improved.
04:14In our country,
04:1670-80% of the small-scale industry
04:18feeds and supplies to the large-scale industry.
04:20If large-scale manufacturing
04:22is declining,
04:24how is the small-scale industry going up?
04:26This is my question
04:28because I cannot reconcile these two.
04:30You have also been the Minister of Treasury.
04:32In government spending,
04:34which is 8.5 trillion
04:36per year,
04:38even if 10% of government spending
04:40is reduced,
04:42can the government spend
04:4410% of government spending
04:46or not?
04:50If you reduce
04:5210% of government spending
04:54by 8.5 trillion,
04:56you can reduce
04:588-10%.
05:00You can reduce
05:021,000 trillion easily.
05:04Seriously,
05:06if you reduce
05:081,000 trillion,
05:10you can reduce
05:121,000 trillion easily.
05:14If you reduce
05:161,000 trillion,
05:18you can reduce
05:201,000 trillion easily.
05:22But they say
05:24that if we reduce government spending
05:26so that the economy moves,
05:28the related industries
05:30can run,
05:32they justify it from this angle.
05:34If you take a loan from banks
05:36or take a tax from people,
05:38if they don't take a tax from people,
05:40people will spend.
05:42If they spend,
05:44the industry will run.
05:46If you don't take a tax from banks,
05:48people will get less interest.
05:50You have to increase the country
05:52from the private sector
05:54or you have to increase
05:56by making roads for the government.
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