The Era Of Pakistan Muslim League Noon (PMLN)
Pakistan Muslim league(PMLN) has always pride itself on prioritizing economic growth and development however, the party failed to implement its promises to a much larger extend. From destroying state-owned institutions to running a void taxation system to taking trade deficit to all time high; PMLN economic policies adversely affected the economic conditions which later resulted in extreme inflation and currency devaluation.
The shareefs added a whopping $35 Billion Debt to Pakistan’s economy
Pakistan has gone through more than 20 different IMF programs that include both short term loans and the long terms loans. Despite the warm speeches by the political leaders, including Imran khan, every government took huge loans from the IMF that has brought Pakistan on the verge of destruction.
If we look back at the last 5 years of PMLN government and especially towards the economic policies of Ishaq Dar, it looks evident that no measures were taken to uplift the declining economy.
Every government took the loan from the IMF on different conditions so it’s baseless to criticize them on this particular issue. But how was the loan used is indeed debatable.
Unfortunately, it’s either the negligence of the governments or their ignorance that the loan was never wisely spend by Pakistani governments.
Did Pakistan succeed in up lifting its state owned corporations under the PMLN tenure?
Not even 1. All of the state-owned institutions faced a miserable demise under the PMLN tenure.
PIA went to a 360 Billion loss with 3 of its aircrafts grounded. It lost all of its profitable routes and lost confidence of its own people. Mufta Ismael, the former finance minister was willing to sell PIA as to him it looked impossible to recover.
Even the railways suffered heavy losses during the PMLN tenure as the highest lose recorded was 36 Billion.
The rest of the state institutions including Pakistan Post, Pakistan State Oil and Sui Southern were also far away from generating any revenue for the country.
Pakistan Post was working on the same old traditional methods with little to no advancement; therefore, it was out beaten by the major private couriers like TCS who were more advanced and convenient.
They took huge loans, but were unsuccessful in bringing any state institution to a better postion. Perhaps, it was never a PMLN priority.
Did PMLN improve the Taxation System?
At the end of the last fiscal year of PMLN in 2017, the taxation system didn’t improved by a bit. The FBR failed to achieve its taxation goals in almost every year of PMLN tenure. No Taxation policy was introduced that could facilitate the declining economy. Even the amnesty scheme introduced by PMLN failed miserably.
Did they increase the country’s exports?
They did help the current account deficit to reach $23.1 Billion that led to currency devaluation of PKR. Not even a slight increase in exports were recorded under the PMLN Tenure.
Let’s break it down.
A country earn from 3 major sources
- Profit from the state-owned institutions
- Tax Collection
They failed in all of the aspects. The loan was spent on motorways and flyovers that never helped Pakistan in generating any money.
Took $10.1 billion dollars in a single year 2016-2017
PMLN government took the highest loan in their last fiscal year of $10.1 Billion that increase the total liabilities to $30 Billion.
Moreover, they converted the long term commercial loans into short term commercial loans just when they were about to quit. The new government had to face the music as it had no other option than to return immediate borrowings to the IMF.
Record Corruption in the PMLN Tenure
From the panama papers to the sugar mills, off-shore properties to money laundering; shareefs were everywhere on the corruption charges.
Almost a 15 billion corruption was notified in the Nandipur project. By signing a fake memorandum of understanding on the Nandipur Power Project, It was much easier for the shareef to make this fool nation more fool.
Mega scam was proved in the laptop scheme. Same laptops prices were renewed from 20,000 to 37950
Enactment of Military Courts was put into effect by shareefs
The same PMLN voted against the military courts recently however, they were the ones who order their creation.
Model Town Massacre
Brutal massacre of women and children was done by the Punjab police under the order of former minister of law, Rana Sanuallah. 12 people were killed and many were injured as police opened fire on the protestors.
To this day, model town weeps for justice.
The Invention of Gullu Butt
Shelling on unarm protestors and using their gullo’s to beat the public became the trademark of noon League. Many lost their lives in Islamabad Dharna due to shelling done by the police.
The GDP was recorded somewhere between 7% however, the GDP to Debt ratio tells a very different story.
PMLN era has ended and its seems very unlikely that they will ever come again in power. But will PTI succeed in boosting up the economy is yet to be seen.
The Author is Pakistani based politics analyst specializes in the relation between Pakistan and India. The writer is an undergrad currently studying computer Science from Iqra University. By profession, he is serving as a Seo Executive at the leading digital Agency “MWM Studioz.”