Finance Minister says ‘Pakistan’s basic debts are so big that we are near bankruptcy’

ISLAMABAD: Finance Minister Asad Umar has claimed that Pakistan basic debts are so big that we are near bankruptcy.

The Finance Minister said this in Special Q&A Session with Social Media activists in Islamabad here Wednesday.

“You are going go the IMF with these massive debts in toe for a bailout. We have had to fill big gaps” said Asad Umar.

He said “If you look at the numbers from PMLN time, there was double digit inflation during PMLN time which we have thankfully not hit as yet.”

To a question about rising inflation, Asad Umar said “If you look at the past, inflation affected all stratas of society equally. In fact the poor had higher levels of inflation affecting them.”

“In our tenure this has seen a different trend with the poor feeling relatively less inflation as compared to higher income groups.”

Quoting Hafiz Pasha, finance minister said, Pasha has written that unemployment grew in both PPP and PML-N tenures. “But I will not paint a rosy picture because yes the economy has slowed down, so we are not seeing job creation at a high rate right now.”

To a question, Asad Umar said “You’re saying all my policies are like Ishaq Dar, Ishaq dar says I’ve destroyed the economy! During his time, for the first time in Pakistan’s history our exports didn’t grow.”

About rupee depreciation, dollar has climbed because of economic policies that have led to such huge losses for us as a country. “It’s a basic demand and supply situation.”

The external loan taken by PTI government in 9 months from July-March is 1/3rd of the loan taken by PMLN in same period last year, he said and added "when you see us hit the 12 month mark of our government, it is my prediction that you will see a $6-7 bn decrease in our Current Account Deficit."