200 per cent price hike in PTI’s three-year rule: Rehman Malik

ISLAMABAD: Former Interior Minister and Chairman Institute of Research and Reforms (IRR) Senator Abdul Rehman Malik has said that Pakistan is going through a bad patch of its history due to inadequate economic policies which have created non-bearable foreign and local loans leaving the country in economic crisis.

“Prices of essential food items increased by more than 200 per cent during the last three years of the PTI regime as the prices of ghee, oil, sugar, flour, and other basic food items have increased by more than 200 per cent and inflation reached 9.5 per cent which broke a 70-year record and similarly electricity rates have also increased by 57 per cent.” “LPG prices have seen a rise of 51 per cent while petrol price is increased by more than 49 per cent,” he said while talking to The News on Thursday.

Malik said that he had predicted the fall of the rupee for the first time when it had hit a low of the dollar to Rs115 and today Pakistan is witnessing a record low of its currency against the dollar and has fallen behind other currencies in the region proving to be the worst-performing currency in Asia. “The value of the Indian rupee against one dollar is 74, Bangladeshi Taka is 85.65, Bhutanese Ngultrum is 74.27, and Nepalese rupee is 119 while Pakistan rupee is 175,” he said.

It is sad to note that the countries in our neighbourhood have better value, progress and strength in their economy and unfortunately, Pakistan is running behind all adding that despite having less inflation and a better economy than us, the average wage of an unskilled person in India and Bangladesh is double as compared to Pakistan.”

He said we certainly do not need sit-ins and power-hungry political moves but relief for the common man which will come with smart moves of right governance to bring the country back on track.

He urged both the government and the opposition to refrain from hallow slogans on people problems and get the motherland out of the crises for the sake of its survival and future generations.

He said it was hurtful to learn the statement of the Governor of the State Bank of Pakistan that the Pakistani Rupee’s depreciation is benefitting the families of nine million overseas Pakistanis. “Such statements are childish, irresponsible and hurtful as overseas Pakistanis are not happy with the depreciation of their national currency and the people are deeply concerned about the rate at which the Pakistani rupee is losing value and inflation is rising rapidly,” he added.

Rehman, who is Chairman IRR, also said that during previous regimes, poor people were at least given the liberty and resources to buy basic commodities, now the situation has become so miserable that even breathing has become expensive for them.

He suggested committing half of the national budget to the agricultural sector and letting the farmers of our country become economic soldiers. “We can bring revolutionary changes by pushing our economy in the right direction and the Ministry of Labour and IT should be tasked to increase a hi-tech labour force and get into the tech industry with export targets,” he said.