Stock market fund rewarding the rich, Sherry

Islamabad: PPP’s Parliamentary Leader in Senate, Senator Sherry Rehman said the government had wasted no opportunity in showcasing austerity-driven measures from buffalo sales to car auctions to raise a few millions.

She said the same government has gone on to approve a Rs. 20 billion bailout package for brokers overnight. This decision to set up a stock market fund serves to rescue the wealthy. Given, the stock market has slumped 31 percent since 2017, this is not the right approach”.

Rehman said, “They have been governing for almost a year now. They tell us they need more time for fixing issues like inflation and employment but when it comes to billionaires, the process of bringing them relief is suddenly accelerated and all the approvals are acquired quickly”.

“The government does not seem to know what direction it’s going in. Today the government has increased the price of petrol by Rs.4 which will further increase the costs of food and transport for the people. It has allowed IMF to steer the economy in whichever direction it deems fit. It is taxing everything exponentially to raise revenue but failing as the revenue shortfall has widened to Rs. 440 billion,” she said.

“This is not the first time the government has been quick to respond to the wishes of the wealthy. The tax amnesty scheme was the same policy wrapped in a different package. That too catered to lobbies and reward tax evaders as the taxpayers watched. The Prime Minister assured the people that their tax money would be spent on them, he repeatedly complained of how the rich got richer and the poor got poorer in the country but apparently it is his government taking from the poor and giving away to the rich,” concluded Rehman.