Prime Minister Shehbaz Sharif has termed the budget for the next fiscal year a “significant improvement” in various ways, while the opposition blames each other for the rising debt.
In a tweet on Sunday, PM Shehbaz stated that the budget had given more educational opportunities for the youth, especially from Balochistan, along with targeted subsidies for the financially weak.
Budget represents a significant improvement in several ways. It has provided more educational opportunities for our youth, particularly from Balochistan & targeted subsidies for financially weaker people. More importantly, it has taxed non-productive assets of the rich.
— Shehbaz Sharif (@CMShehbaz) June 12, 2022
The statement comes two days after the coalition government presented what has been referred to as the “toughest federal budget”. The budget, which has a total outlay of Rs9.5 trillion, aims to fulfil the International Monetary Fund’s conditions for the $6 billion Extended Fund Facility.
The budget, as Finance Minister Miftah Ismail revealed on Saturday, has still been a cause of concern for the international lender, with fuel subsidies particularly being a reason for that.
Pakistan Tehreek-e-Insaf Chairman Imran Khan on the same day had rejected the “anti-people and business budget presented by the imported government”.
We reject this anti people & anti business budget presented by Imported govt. Budget is based on unrealistic assumptions on inflation(11.5%) & economic growth(5%). Today's SPI of 24% indicates that inflation will be between 25/30% which on the one hand will destroy the common man
— Imran Khan (@ImranKhanPTI) June 10, 2022
Earlier on Sunday, members of the coalition government and the opposition traded barbs on the budget.
Information Minister Marriyum Aurangzeb shared Saturday’s statement by former finance minister Shaukat Tarin in which the latter had said that the incumbent government had pointed out that PTI had raised debt by 80 percent, while it only grew by 76 percent.
Marriyum stated that Tarin had admitted that Imran Khan took loans worth Rs20 thousand billion which was 76 percent, and that more such “admissions” would follow.
شوکت ترین صاحب نے آخر کار اعتراف کر ہی لیا کہ عمران صاحب نے چار سال کی حکومت میں 20 ہزار ارب روپے کا قرض لیا جو تاریخ پاکستان میں لئے گئے مجموعی قرض کا 76 فیصد ہے۔ ایسے بہت سے اعتراف ابھی عمران صاحب نے کرنے ہیں۔ pic.twitter.com/MHvmpPsafd
— Marriyum Aurangzeb (@Marriyum_A) June 12, 2022
Finance Minister Miftah Ismail stated following Marriyum’s tweet that total debt plus liabilities saw an increase of 79 percent in the 3.75 years of PTI’s rule.
For the record: The total public debt under PTI went from Rs 24953b to Rs 44366b, an increase of 78%. And total debt plus liabilities went from Rs 29879b to Rs 53544b, an increase of 79%. PTI has added 79% in 3.75 years of all debt + liabilities added in the previous 71 years. https://t.co/2cS3FUGOOz
— Miftah Ismail (@MiftahIsmail) June 12, 2022
Moreover, PTI leader Fawad Chaudhry said that the PTI had taken loans of $52 billion, from which $38 billion went into paying the loans of the previous governments.
جب آپ ہر وقت Candy Crush ہی کھیلتی رہیں گی تو اسی طرح کی احمقانہ گفتگو کریں گی،تحریک انصاف کی حکومت نے کل قرض 52 ارب ڈالر لیا اس میں سے 38 ارب ڈالر آپ کی حکومتوں کے لئے گئے قرض کی واپسی کی،اگر lMF سے معاہدہ پسند نہیں تو بھکاری حکومت IMF بورڈ میں کیا لینے جاتی ہے؟ختم کریں آگے چلیں https://t.co/8hRKWYbEV4
— Ch Fawad Hussain (@fawadchaudhry) June 12, 2022
On the other hand, former finance minister Shaukat Tarin took the opportunity to claim that the PTI’s economic performance was the best in 30 years.
By including Covid affected 2020(-0.94%) in the averages when the entire world had -ve 5/6growth,who are you kidding.Our last two year performance is the the best in 30 years. Stop deceiving people, they know the truth. Your performance is evident in the last 8 weeks, pathetic. pic.twitter.com/QD8lSxjdp2
— Shaukat Tarin (@shaukat_tarin) June 12, 2022
In another tweet, he said that while PTI’s debt increased by 76 percent “despite COVID”, the debt during the Pakistan Muslim League-Nawaz’s government increased by 79 percent during their time.
Yousaf,I have known you to be objective. While our debt increased by76% despite Covid when tax burdens increased world over,PML N increased debt by 79% during their time,Our GDP growth was also 72%. So our tax/Gdp is 65% Vs theirs 64%.You should not distort facts. https://t.co/PEgR2QHPx0
— Shaukat Tarin (@shaukat_tarin) June 12, 2022
