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PAT castigates interest-based economy

By Our Staff Reporter 2017-05-29
LAHORE: The Pakistan Awami Tehreek (PAT) claimed the government is violating the Constitution by continuing with interestbased economy.

`The Nawaz government by taking loans worth Rs800 billion and allocating Rs1.3 trillion for payment of interest has not only ignored sectors such as education, health, access to justice, law and order, adulteration-free food and clean drinking water, but is also promoting interestbased economy,` the PAT budget committee said on Sunday.

The allocation for payment of interest was far more than the amount earmarked for development and defence, it regretted in a meeting presided over by party`s Secretary General Khurram Nawaz Gandapur.

It said that Article 38(f) of the Constitution emphasised the need for ending interest, but it was unfortunate that the government made policies that encouraged interest-based trade and the worst example in this regard was allocation of Rs1.3 trillion for payment of interest.

By pursuing interestbased policies, the government had failed to fulfil its constitutional obligations of providing social justice, improving financial wellbeing of people and providing equal growth opportunities, it added.

Of the government dependence on loans, it said increase in loans from 60pc to 69pc of the GDP was a sign of weak economy and also against national interest.

It also criticied the government for ignoring the National Action Plan and allocating Rs140 million only for the National Counter Terrorism Authority, which will be enough to meet its administrative expenses only.

It lamented that for protection of 210 million Pakistanis, only Rs140 million had been allocated, while for security of foreigners (Chinese) Rs10 billion was earmarked.