Is really ‘Influence of elite is a big problem for Pakistan’s economy’ ?

[KhalaiMakhlooq]

What are your personal opinions - are the elite good for Pakistan, or the source of all her problems?

‘Influence of elite is a big problem for Pakistan’s economy’

02 April 2019 | https://www.samaa.tv/news/2019/04/i...oblem-for-pakistans-economy-finance-minister/

One of the biggest problems for Pakistan’s economy is the influence of the elite, says Finance Minister Asad Umar.

He expressed the belief that this influence can be reduced if not finished.

The finance minister was speaking at a pre-budget seminar held in Islamabad on Tuesday. The withholding tax net has increased, he said, adding that many of the 41 barriers to trade have been finished.

The property sector needs reforms, he said, adding that withholding tax for non-filers in the banking sector will be removed. Withholding tax for filers has already been removed.

He assured the audience of a reduction in the withholding tax rate. The finance minister said world organisations express anger over any initiative that is beneficial for a poor country.

He said if one hasn’t made money through illegal means, they should have nothing to hide.

A day earlier, the finance minister had said that the federal government is likely to present a new budget for the fiscal year 2019-20 in the National Assembly and Senate on May 24.

“Earlier, May 17 was proposed for the presentation of the new budget, but now May 24 is under consideration and a decision will soon be taken in consultation with the National Assembly speaker,” he had said.

To a question regarding a possible agreement with the IMF, Umar said both parties are very close to an agreement for a new loan programme as all basic differences have been overcome.

So it doesn’t matter whether a $6 billion or $10 billion agreement is signed with the IMF, he clarified, adding that there is no “unbridgeable” gap between Pakistan and IMF for the proposed loan agreement.

Pakistan is just a few weeks away from securing a possible IMF bailout, he said.

 

[shahbaz baig]

My Answer is obviously.

Although I personally don't prefer to talk about banking, finance & IMF because of "interest rate".

But I observe that mostly influential people are able to get loans from banking channels so in my opinion there should be very low ratio of taking loans directly by the common skilled people.

And obviously I will also choose influential people are mostly bad people too. Because after taking loans from banks they prefer to utilize their influence in order to not return the money to bank which we have experienced in past. And this is a reason why banks prefer to do businesses from Govt now rather then with common skilled people directly.

Correct me if I am wrong, but I don't think that I am wrong. I know because I have had some business in pakistan. So the only solution of all the major problems of Pakistan is presidential system, let people choose their president directly. Then there would be a hope for common people without any effect of influential elites. I hope I don't have to be elaborate further.

 

[VCheng]

One of the biggest problems for Pakistan’s economy is the influence of the elite, says Finance Minister Asad Umar.

So says an elite person. Oh the irony.

 

[El Sidd]

Elitism is Haram in Pakistan.

 

[maithil]

Gen Umar's son, Ex-CEO of big conglomerate and ex-Finance minister talking about Elites. How cute.

 

[SIPRA]

So says an elite person. Oh the irony.

If we care to read the history, a very strange thing is that virtually most of the revolutions and quasi-revolutions were lead and steered by the elites, against the elites.

Just a general observation. Not particularly with reference to Pakistan.

 

[VCheng]

If we care to read the history, a very strange thing is that virtually most of the revolutions and quasi-revolutions were lead and steered by the elites, against the elites.

Just a general observation. Not particularly with reference to Pakistan.

Actually, those changes were never against the elites. Ever. All changes were Of the Elites, By the Elites, and For the Elites. What a wonderfully cosy system.

 

[313ghazi]

Can you change your vote? I accidentally voted yes.

 

[EasyNow]

Hear me out on this one.

I think the biggest fallacy the world has bought into is this 'will of the people' crap.

The masses are often uninformed, emotional, irrational and completely unaccountable.

You ask the masses a question today there will be a completely different answer tomorrow. If you asked the masses, Pakistan would have launched nuclear strikes dozens of times in history. It is the elite that keep rationality and pragmatism in a society.

The elites are a necessary stabilising force in this world.

And talk about corruption amongst elites - are the poor all honest? Corruption is everywhere, I rather an already rich corrupt, who develops industries than a money hungry 'aam aadmi' looking to set up his next generations in wealth.