Thursday May 30, 2024

Economy in red zone, govt should step down: PML-N

By Muhammad Anis
September 03, 2019

ISLAMABAD: The Pakistan Muslim League-Nawaz (PML-N) on Monday that the country's economy is in red zone and the government should resign it is unable to run the country.

While criticising government’s Kashmir policy, PML-N has decided to requisition an emergency session of the National Assembly to discuss the vital issue in the House. Addressing a press conference here, the PML-N Secretary General Chaudhry Ahsan Iqbal said the PTI government had failed in effective diplomacy on Kashmir and raise voice of Kashmiris and highlight and deteriorating situation of human rights in occupied Kashmir at the international level.

“Despite 28 days of lock down in Held Kashmir, the Pakistan government is confused as what it should do with regard to Kashmir issue which we fear will weaken our stance on the vital issue,” Ahsan Iqbal accompanied by other party leaders said.

The PML-N leader also demanded of the PTI government to quit if it has no plan to bring the national economy out of crisis. “The national economy is no fire which is needed to be extinguished immediately,” he said adding the economic activity is currently dysfunctional and confidence of business community is totally shattered.

The PML-N leader said the Prime Minister should visit Islamic countries in order to convene an emergency conference of heads of Muslim states but he was not willing to leave Islamabad. “On the other hand our Foreign Minister has also not been able to meet his counterparts in important countries and is confined to addressing press conferences in Pakistan,” he said.

Talking about condition of the national economy, the PML-N leader said the country was facing highest budget deficit of 8.9% in 40 years particularly when the government had cut development expenses to half. “Last time when the budget deficit crossed the figure of 9%, it resulted to excessive development but the present government has already cut development budget by 50%,” he said.

He said that government’s failure in tax collection and continuous increase in current expenditures has been main reasons behind increase in budget deficit. “The government is helpless in tax collection and will also not be able to do so in future also,” he observed adding that it is also unprecedented that economic growth rate comes down by 3.5% in a matter of three years.

Ahsan Iqbal pointed out that there has been record Rs600 billion shortfall in tax collection in one year whereas Foreign Direct Investment has also come down considerably. “The inflation and interest rate had touched double digit figure which result in price hike,” he said. He told newsmen that the government had also taken record Rs10000 billion loans in a period of one year.

He said the incumbent government would have to go if it had no plan to rescue the economy. “The slogan of change has turned out to be a total fraud as the government neither has any homework nor any team to deliver,” Ahsan Iqbal said adding the opposition would also demand from the government to quit if it could not rescue the economy.