Flight of capital cannot be controlled through administrative actions but by creating a conducive and enabling environment, Pakistan Economy Watch said on Friday. Economies have never responded to speeches, promises and tall claims but actions. Pakistan is not an exception. A former president has played major role in flight of capital from the country. He should be included in the ongoing FIA investigations and tried, said Dr. Murtaza Mughal, President, Pakistan Economy Watch.
Former President should be included in the ongoing FIA probe
He said that a former president was involved in bogus war against terror, killing and selling Pakistanis, extra judicial killings, violating constitution and imposing emergency which harassed local and foreign investors triggering flight of capital.
Dr. Murtaza Mughal said that billions of dollars fled from country within days after promulgation of National Reconciliation Ordinance. Other unfamiliar and highly questionable activities also proved a stimulus.
“A ban on forex movement before promulgation of NRO would not have hurt economy to this extent but the so called ‘reconciliation’ and secret parts of deal were kept above the larger national interests,” he said.
Two former prime ministers have also played havoc with the country by amending the rule to the benefits of important people which was against the national interest. Will there be any thorough and systematic inquiry and someone dare to lay hand on them, he asked.
Presently, government as well as opposition is contributing to the uncertainty by indulging in the petty matters and ignoring ground realities which is also a factor behind flight of capital. Dr. Murtaza Mughal said that currency dealers are being arrested who were mere tools while actual culprits have been left scot-free. Who will lay hand on them, he asked.
The crackdown of law enforcing agencies is also contributing towards uncertainty. It speaks volumes about the ineffectiveness of the regulator. Such actions will leave people with no alternative but to bury money like the practiced thousands of years ago. “What should investors do if they don’t have opportunities in Pakistan, how come they feel safe in a country where rulers don’t feel safe,” he asked.
Whole issue of arrests and disclosures has been shrouded in mystery which is raising concerns. The findings of the current operation should not be allowed to become another Hamood Ur Rehman Commission report as the credibility of the government is on stake.