Ishaq Dar blames PTI government over economic situation

PTI believed that no one would be able to save Pakistan from bankruptcy but enemies’ ambitions are unfulfilled, says Finance Minister

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Finance Minister Ishaq Dar said that the former PTI-led government is responsible for the current economic situation.

While presenting the budget in the National Assembly session, Finance Minister Ishaq Dar said, “I am grateful to Almighty Allah for the honor of presenting the second budget of the coalition government.”

Ishaq Dar said that in 2018, economic growth had reached 6.1 percent, inflation rate had come down to four percent, foreign exchange reserves had set a record of $24 billion, and 12 to 16 hours of power load shedding was relieved.

He said that a web of conspiracies was laid against the elected government at that time due to which the country is passing through difficult phases, the former government is responsible for the situation.

The Finance Minister said that the completion of the IMF program was important, but the previous government deliberately spoiled the program.

He said that PTI tried to put the responsibility of the situation on the new government, they believed that no one would be able to save Pakistan from bankruptcy but the ambitions of the enemies are not being fulfilled.

Ishaq Dar said that during the tenure of the previous government, the fiscal deficit increased alarmingly, the increase in interest rates increased the economic difficulties, in the four years of the previous government, the debt increased by 98 percent.

He said that the current government acted with austerity, reduced these targeted subsidies to some extent, brought down the budget deficit by 1 percent.

The federal minister said that it is necessary to mention the shameful incidents that took place on May 9, defense installations were acquitted, such elements do not deserve leniency and should be severely punished.

Ishaq Dar said that the current government had to face internal and external difficulties in the economy, faced the emergency of floods, the losses due to floods are estimated to be $30 billion, global food prices increased by 14.3 percent, Russia-Ukraine war, increase in global oil prices increased difficulties.

The finance minister said that the current account deficit has come down by 77 percent $4 billion by June 30, the import of luxury goods was stopped, the country avoided default due to difficult decisions.

Ishaq Dar said that the prices of petroleum products have come down which should bring down inflation.

Ishaq Dar said that the economy is still facing challenges, but the budget has been made responsibly instead of opting for the election budget. He said that the target of economic growth in the next financial year is 3.5 percent.