“The activity of the Communist and Workers’ Parties under the conditions of the pandemic and the capitalist crisis, for safeguarding the health and the rights of the popular strata, in the struggle to change society, for socialism. ”
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Communist Party of Pakistan
Capitalist economy is intrinsically crises based economy and international capitalism perpetually keeps facing crises,thus it causes escalating contradictions among developed countries. Economic contradictions between America and China have entered the phase of the cold war. Both have always symbiotic host relations with Pakistan . superpowers. And Pakistani economy is standing on the borrowed crutches provided by these powers, which is obviously at the lowest ebb in history . The prime reason behind the drastic downfall of Pakistan’s financial standing is the lavish expenditures by the ruling elite and military Generals. They have never let to build and empower the economic institutions to become backbones of the country’s economy, but have adopted a rather very viscous policy of running the country totally dependent on foreign aids and loans. In exchange, the security institution of Pakistan provided safeguarding the vested interest of imperialism. For example, the Pakistan military played a distasteful role in Afghanistan against Soviet Union and the Revolutionary government of Afghanistan during the cold war era between Soviet Union and America. Even after that Pakistan continued supplying mercenaries and jihadis to different countries and received aid and loans in return. In the recent past the scenario has changed and new blocks are emerging. Under these circumstances economic crises in Pakistan are deepening, the economy is totally dependent on Imperialist financial Institutions. Total debt for the last seventy-two years is around thirty thousand billion rupees. Out of which the present regime received loans of fourteen thousand six hundred billion in the last two years under the same conditionality. Today in Pakistan, even the finance minister is an employee of Imperialist Financial Agencies,consequently, the economy is further deteriorating, instead of improving. Within the last two years Pakistani rupee has been devalued by forty eight percent and under the imperialist dictation the tax system is devised in such a way that the cost of production has so much increased as a result the survival of indigenous manufacturing industry is in critical condition. Consequently workers are losing jobs. The review shows that one million workers lost their jobs during fiscal year 2018-19. Rate of economic growth during 2018-19 dropped from 5.8% to 3.3%. Lack of job opportunities pushed the 0.8 million population below the poverty line during 2018-19 inclusive of the first three months of 2020. Covid 19 pandemic escalated this chaos. According to official data 303079 cases were registered up IB Special Edition
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