Poor economy: Strong army couldn’t save USSR, says Imran Khan

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan said Monday when the PTI government rolled out the National Security Policy (NSP), it mentioned that despite Soviet Union’s armed forces being the strongest in the world, it could not save the state from collapse due to the economic condition.

He said that the only solution to the ongoing “alarming” economic condition was holding early elections in the country. “This might be the biggest economic crisis that this country has ever witnessed [...] the media houses that had to inform the people about the ongoing economic crisis aren’t doing their job,” Khan said in an address to the nation via video.

The ex-prime minister said he was not only addressing the nation, but he was also speaking to the institutions as economic deterioration would affect the entire country.

The ex-premier said the judiciary should play its role as they will also “be answerable” if the economy further worsens. “Also, I am surprised at the business community’s silence.” Khan said that amid the ongoing crisis, small and large-scale businesses were the most affected. He added that exports were also declining gradually.

“The business community should ask why the overseas Pakistanis are not sending remittances. In our tenure, remittances, textile exports, tax collection, all were at a record high,” he said.

The former prime minister said even farmers were happy as four major crops registered record yields. “But today, I want to tell all of you that you will be responsible for the destruction of the country if you do not speak up,” the PTI chief said, noting that since the loans are increasing, the rupee-dollar parity is also surging.

Khan said that the rupee would depreciate further as foreign investors were not interested in doing business in Pakistan. The PTI chief said foreign investors aren’t interested as Pakistan’s credit risk rating has moved up to 100%.

“And as there is a difference between the open market and interbank market rate, remittances are reducing.” “I have never seen such an alarming situation that’s taking place today — no one is ready to invest in Pakistan, there is no economic activity, and loans are also increasing.”

The PTI chief said that the only solution to the crisis is free and fair elections. “I want someone to tell me what the solution to this is. There is no other solution as the country’s economy is linked to political stability.”