Former finance minister Miftah Ismail on Monday criticized Pakistan for not operating under a genuine free market system but an “elite-controlled, rent-seeking economy.”
Responding to a debate on economic reforms and market liberalization, Miftah said that key sectors including sugar, petroleum, fertilizer, wheat, electricity and gas were being managed in ways that favour elites while increasing costs for consumers.
“What free market?” Miftah said, arguing that markets are frequently influenced through policy interventions.
The former finance minister said the sugar sector was managed in a way that benefits the industry while consumers bear the impact. He further said petroleum policies similarly favour producers at the expense of the public.
Miftah also criticized fertiliser subsidies, saying companies receive benefits without providing equivalent relief to farmers.
Discussing agriculture markets, he fumed that wheat policies have historically resulted in losses for farmers while benefiting selected investors and stockists.
“We don’t have free markets. We have an elite-controlled, rent-seeking economy,” he said.
His remarks came in response to concerns raised by journalists about Pakistan’s bizarre economic stabilization measures since 2022.
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and banks are getting favours to convert to islamic to give as much as less benefit to consumers and charge them more on the name of islam and with reduced taxes
yeh watan tmhra hai, tm ho barbad karny ki wajah isky