Sunday August 14, 2022

Shehbaz warns of worsening economic conditions

December 01, 2021
Shehbaz warns of worsening economic conditions

LAHORE: Pakistan Muslim League-Nawaz (PMLN) President and National Assembly Opposition Leader Shehbaz Sharif has warned that following the present economic situation, the government will have to take loan to pay salaries next year.

In a statement issued here on Tuesday, he said if the PTI government continues, the next year the government will have no money to pay interest on loans, defence budget and salaries of government employees.

“The historic increase in the current account deficit will result in borrowing dollars. If you do not borrow dollars, the foreign exchange reserves will fall sharply, which will endanger the national security,” he maintained.

The opposition leader said the government is constantly lying that it is borrowing money to pay off its debts, a fact which economists have exposed. The facts and documents are refuting this lie of the PTI government, all these debts are the result of destruction of national economy, wrong decisions and a wrong economic strategy, he claimed.

The rise in the value of the dollar, decline in national income, economic stagnation, rise in interest rates and resultant wrong economic policies have turned the national economy into a “debt-driven economy”, Shehbaz stated and added that during prime minister Nawaz Sharif’s tenure, both the national economy and national income were on the rise and with an increase in the growth rate, the economy was reviving.

The government’s agreement with the IMF is tantamount to filling the base of Pakistan’s economy with dynamite, he said, adding that the government has dealt a severe blow to the national interest by accepting the condition of passing a bill in the parliament. These IMF conditions are an attempt to dictate the parliament. The SBP Act and the Supplementary Tax Laws Bill were part of conditions for a new agreement.

The PMLN president said legislation is being enacted against the interest of people. He said the debt burden on the country is exceeding Rs55.5 trillion and it is a proof that the economy is not running and the government has failed. “In three years and three months, the burden of public debt and payments has increased by Rs20.5 trillion. Imran Niazi and his incompetence and corruption are responsible for the debt increase,” Shehbaz claimed.

He said every new day of the government means taking Pakistan towards an economic dead end. Expressing concerns, Shehbaz said if the PTI remains in power for five years, there would be no money in Pakistan to pay the salaries of government employees. If the PTI completes five years, the total burden of debt and payments on Pakistan will more than double, he concluded.