ISLAMABAD: Finance Minister Shaukat Tarin Monday said the government had to opt for the IMF programme due to over $20 billion current account deficit left by the PML-N government in 2018.
Responding to some points raised by the opposition members in the National Assembly, Tarin said the IMF had placed some conditions including increase in the discount rate, devaluing Rupee, and increase in tariffs when Pakistan approached it for its programme, which resulted in the decline of national economy.
The minister rejected claims of the opposition members that the budgetary figures were fake. “This is my budget and I own it. They should know that I never tell lies,” he said.
The minister highly praised the capabilities of Imran Khan’s leadership, which, he said, resulted in growth of agriculture, export and construction sector amid the COVID-19 pandemic and economy started growing rapidly. He said the government took care of agriculture and industry and the poor asking the PMLN to correct its figures of inflation rate.
“It currently stands at 13% and not 25% as is being claimed by the PMLN members,” he added. Tarin said food inflation had increased because Pakistan over the years had become net food importer not being able to have sufficient quantity of wheat, pulses and sugar.
“Why we did not make investment in the agriculture sector in the last 10 to 20 years?” he questioned and mentioned that the international prices also had their impact on food inflation in the country. He said the government had announced a constructive budget saying the country now moving towards growth and giving hopes to people to materialize their dreams
The minister said the Government would focus on increasing exports and also held a meeting with the Chinese ambassador on Monday. “We will also bring Chinese investors at the Special Economic Zones so that they can help in increasing exports,” he said.
He said special emphasis would be laid on the construction sector which will not only generate jobs, but also support 40 industries.
Federal Minister for Economic Affairs Omar Ayub said the PMLN government had signed expensive power contracts and the country continued to bear the brunt of it in the form of capacity payments.
He said the opposition members instead of speaking the truth were twisting facts. “They twist facts in order to serve their own vested interests,” he said. The minister said the opposition leader and Bilawal Bhutto also spoke on floor of the House but did not tell facts.
“This is tragedy that both the leaders did not speak as per facts. They should speak truth at least while standing under the holy names of the Almighty Allah,” he said. Referring to newspapers reports of February, 2018, the minister said the reports also revealed that the government was missing all the micro economic targets and failed to deliver in the social sector by providing basic facilities like drinking water, roads infrastructure.
He said the PTI government revived 4,000MW renewable energy projects which were done away with by the PMLN government.
He said the PMLN government played havoc with the national economy leaving landmines for the present regime in the form of expensive LNG projects in 2017, non-feasible energy projects, fiscal deficit, current account deficit and circular debt. The minister told the House that the PTI government signed a cheaper LNG agreement with Qatar, which will help the country save 3.5 billion dollars in ten years.
“We have made massive investments in the power distribution and transmission system and steps are also being taken to address the issue of circular debt.” He said it was due to fake currency rate kept by the last government which resulted in increase in imports and current account deficit to tune of 23 billion dollars adding that 90% of debt being procured by the present government was being paid in payment of interest of already existing loans.
Omar Ayub said the Sindh government was keeping funds but was reluctant to spend on Karachi which had become the PTI stronghold.
Mian Javed Latif of PML-N said the practice of declaring politicians as traitors should be stopped. “Those who follow the Constitution are called traitors and those who violate it are declared as patriots,” he said.
Javed said he was not ready to raise the slogan of ‘Pakistan Khappay’ for those who made Pakistan as their property. He said they would raise the slogan of ‘Pakistan Khappay’ for the Pakistan of Quaid-e-Azam, Nawaz Sharif and Zulfikar Ali Bhutto “You are used to fixing people and threatening them,” he said.
