PESHAWAR - 'Inaccurate Data Cause of National Economy's Fall' : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

[Fair use for education and research purpose only]

Title: 'Inaccurate Data Cause of National Economy's Fall'

Pakistan PESHAWAR (April 12) : Former president of Sarhad Chamber of Commerce and Industry (SCCI) Wing Commander Jamshed Savel (Retd) on Tuesday listed inaccurate fiscal statistical data presented by the previous economic managers from time to time as one of the main cause of the fall of the national economy.

In a statement here, Savel said the previous successive governments did not place accurate statistical data before the planners as a result of which the national economy remained on the back track.

"If we have to revive our economy, we must ensure that the statistical data is accurate," he added. It is unfortunate that in the present age of internet, we have not been able to catch up with the advancing information technology, he maintained.

The government, he said, ensured that computerised data is updated regularly so that it is readily available to the planners. In the past, he recalled that the IMF missions had pointed out towards the fudging of the fiscal figures.

He contended that the defaulted loans last year were being shown as Rs 256 billion which were reduced to Rs 211 billion as non-performing loans out of which Rs 146 billion was the default which included public sector and the accrued mark-up.

Another glaring example of erroneous figures is that of our external debt, which as shown in the economic survey of Pakistan is 22.97 billion dollar as against 30.3 billion dollars shown in the State Bank report as on June 30, 1999. The astronomical difference thus is 7.33 billion dollars, he added.

However, he added that the Chief Executive recently quoted the figure of external debt as 38.8 billion dollars. The State Bank while giving the explanation, stated that it also include short term borrowing. The question remains as to why this was not shown earlier in the State Bank reports that short term borrowing was not a liability, he asked.

Pakistan which is facing a severe foreign reserve crunch and despite the rescheduling has only 1.5 billion dollars, therefore, every dollar, matters.

It is a matter of great concern that external debt is accounted for by three different agencies i.e. State Bank, the Ministry of Economic Affairs, AGPR and Accountant General of the province concerned.

With our population being 135 million, the foreign debt owed by each citizen based on economic survey report is Rs 8843 while the latest figure of 38.8 billion dollar makes him in debt of Rs 14938.

Savel said statistics being a dry subject not much heed is given to it, therefore, one can easily get away with giving concocted figures.

He reiterated that we should try to move towards the new technology drive economy.

He suggested that the economic survey of Pakistan and the State Bank reports should be dispatched to all concerned latest by end of July instead of the usual practice when they are made available by the end of December.--APP

Copyright 2000 APP (Published under arrangement with Associated Press of Pakistan)


-- (, April 12, 2000

Moderation questions? read the FAQ