There should be some other ways of paying back loans than just following IMF blindly and raising the prices on oil, gas and electricity. It means all the people are being taxed. This is bad for the economy as raising oil, gas and electricity prices raise the prices of everything making the products and services not competitive.
The government should raise the tax rate from the profit of higher income groups like in the US. Secondly Wealth Tax should be taken from those having bank and other real estate assets.
But the most important thing is to curtail the expenses such as military expenditure. COAS Bajwa has given the proposal of reducing the army by 70,000.
All the military businesses must be privatized.
Military should be sent to fight foreign wars just like Black Water and the Russian Mercenary companies so that it earns its own expenditure and is not a burden on the economy.
Secondly, we should end the interest based banking system in accordance with the recent Court decision.
Partnership based loans having Profit and Loss sharing should be introduced. Bank should give interest free loans to businesses and monitor the accounts of the company.
Thirdly, in line with Islamic thinking, Juwwa should be eliminated from Stock Market and Real Estate.
Fourthly, hoarding by traders should be punished.
Fifthly, the list of prohibited exports by Shehbaz Sharif has only 40 items. It should be very much increased to curtail import spending.
Finally, we should deal with other countries like EU, UK, China, Gulf, Saudi Arabia and Russia in their respective currencies so as to reduce reliance on Dollar.
