Financial experts, traders slam Pak Govt. for 'disappointing' budget

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Lahore, Jun.6 (ANI): Pakistani financial experts and traders have slammed the country's budget for the fiscal year 2010-11 describing it as a 'wish list' of the government.

Experts said that the budget for the new fiscal lacks production-oriented objectives, and that it is centred only around deficit-controlling tactics.

Noted financial expert Khwaja Amjad Saeed rejected the budget, saying the government failed to announce any major strategy over how to tackle the ever expanding terrorism and power crises, the two major issues facing the country.

"The one promising feature of the budget is the 50 percent salary increase for government employees, however, only a "lollypop" has been given to the pensioners with a miserly 15 to 20 percent increase," Saeed said.

Prominent economist Mahmood Mirza termed Finance Minister Abdul Hafeez Shaikh's budget speech as a 'political one', saying it seemed that the objective of the budget was not to promote production but to manage deficits.

Traders and businessmen across the country also denounced the budget, saying it had nothing to resurrect country's sagging economy and improve the precarious financial conditions of the business community.

The Lahore Chamber of Commerce and Industry President Zafar Iqbal Chaudhry termed the budget "a big disappointment" for both trade and industry

Islamabad Chamber of Commerce and Industry President Zahid Maqbool said the the government failed to announce any effective action to control the rapidly increasing inflation rate, which has surpassed the 12 percent mark. (ANI)

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