Habib university, Private university in Karachi, Pakistan

Karachi, Oct 4 Former Pakistan Finance Minister Miftah Ismail termed his country a "one-per cent republic" that offers no upward social mobility to an overwhelming majority of its citizens, Dawn reported.Speaking at an awards ceremony organised by the Management Association of Pakistan (MAP), he said there's "something very wrong" with Pakistan, Dawn reported."The 1 per cent elite controls this country," said Ismail, who was a placeholder at the finance ministry for six months until Ishaq Dar's recent return from exile.Citing the example of US billionaires Bill Gates and Steve Jobs, who came from nothing and yet built a fortune by dint of their talent, Ismail lamented that almost all rich Pakistanis are beneficiaries of generational wealth, Dawn reported.Ismail didn't take questions from the press and left after handing out awards and trophies to dozens of corporate entities that he'd laid into minutes ago for rent-seeking and enjoying state-sanctioned protection from competition."(The last government) distributed Rs 580 billion among the richest 1 per cent Pakistanis under the Temporary Economic Refinance Facility. The government itself is borrowing at 15 per cent, but the rich people got money at 1 per cent only," he said.The liquidity injection increased imports of machinery and widened the current account deficit because local business groups produced goods for domestic consumption only, he said.Without taking names, he said a conglomerate requested his support for setting up a 500,000-tonne factory of polypropylene while he was the finance minister. They demanded a 20 per cent duty protection for 20 years because, in Ismail's words, the corporation couldn't compete against its Chinese counterparts, Dawn reported.He also criticised the auto sector for its inward-looking approach that's been draining foreign exchange on imports for decades without generating any dollar earnings through exports. He mocked the auto sector for finally exporting "carpets" used in vehicles to Egypt upon his insistence.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Habib UniversityFOLLOW

Habib university, Latest News

Islamabad, Oct 7 The death toll from this season's devastating monsoon rain and floods in Pakistan since mid-June ... ...

Pakistan's ruling coalition called former Prime Minister and Pakistan Tehreek-e-Insaf Chairman Imran Khan a "traitor" and warned him against attacking Islamabad. ...

Lahore, Oct 6 Pakistan Prime Minister Shehbaz Sharif has said that the country should not be forced to ... ...

Rawalpindi, Oct 6 Pakistan Chief of Army Staff (COAS) General Qamar Javed Bajwa discussed matters related to India, ... ...

New Delhi, Oct 5: All eyes are on Pakistans new Finance Minister Ishaq Dar who completes a week in ... ...

Srinagar, Oct 5 Union Home Minister Amit Shah said on Wednesday that Mufti & Co and Abdullah & ... ...

Srinagar, Oct 5 Union Home Minister Amit Shah said on Wednesday that previous governments run by three families ... ...

Karachi, Oct 4 Former Pakistan Fina­nce Minister Miftah Ismail termed his country a "one-per cent republic" that offers ... ...

Karachi, Oct 4 Former Pakistan Finance Minister Miftah Ismail termed his country a "one-per cent republic" that offers ... ...