Sherry for taking stock of economic woes

ISLAMABAD: PPP Parliamentary Leader in the Senate Senator Sherry Rehman Friday penned a letter to Chairman Senate’s Finance Committee Talha Mehmood and asked him to defer the routine agenda of the committee on December 6 and get a briefing on the state of Pakistan’s perilous economic situation.

“I am sure you do too, that given the state of Pakistan’s perilous economic situation, it is imperative to discuss and brief the committee on several burning issues of public importance,” she stated in her letter.

Ms Rehman stated that instead of routine agenda, the government should brief the Committee about the conditions of the IMF, address the skyrocketing inflation, the perilous current account deficit, the widening trade of deficit and free-fall of the Pakistani rupee. “Given the nature of the multiple crises emerging in the economy, she would urge to defer routing agenda of the next meeting, change the date if you need to and replace it with these urgent issues of extreme public consternation,” she stated in a letter.

She stated that the official inflation rate has surged a troubling 11.55 per cent from 9.28 per cent which is the highest recorded increase in the past 21 months while the food inflation is at an abysmal 11.2 per cent compared to 10.8 per cent last month, and the sensitive Price index is up by 18 per cent.

She stated that to matter worse, the domestic oil prices have not changed since November 5, despite a decline in the international oil prices. She said another crisis Pakistan’s total debt and liabilities have crossed Rs50.5 trillion mark as of September 21, 2021, against Rs29.8 trillion three and a half years back. “The trade deficit reached an unprecedented $5.1 billion in November and $20.7 billion since the Pakistan Rupee fall to 176.65 in the interbank market.

The PPP leader stated in her letter that it was pertinent to note with worry that the next increase in public debt and liabilities of Rs21 trillion, is the highest ever jump in 5 years and 3-months. “As you know, Pakistan’s external debt and liabilities have increased from $95 billion in 2017-18 to $127billion as of September 30, 2021.” She stated.

She stated that the terms of such debt raised by multilateral and bilateral donors are not at all clear to the Finance Committee of the Senate, not the veil of opacity on those terms, either the IMF or other bilateral donors, been discussed at the appropriate level from the government’s ministerial benches. Ms Rehman stated that it is binding on the government to explain the rising debt and liabilities which have increased to $32 billion in 3-years and 2-months.

In the letter, she stated that given the nature of the multiple crises emerging in the economy, she would urge to defer the routing agenda of the next meeting, change the date if you need to and replace it with these urgent issues of extreme public consternation. “I am sure you will appreciate that is important for us all to remember our responsibilities as parliamentarians privileged to use such forms that in these times of deep economic stress to the public and Pakistan’s exposure and liabilities, we need to at least ask the right questions and seek answers for the people we represent,” she stated in her letter.