Former finance minister and Pakistan Tehreek-e-Insaf (PTI) Senator Shaukat Tareen has castigated Finance Minister Ishaq Dar and the Pakistan Muslim League Nawaz for overburdening Pakistan’s economy with their failed schemes.
Tareen while criticizing the Federal Finance Minister Ishaq Dar asked on what basis he had said that the financial debt will be 10 percent while the financial debt in nine months is 2.6 trillion and in three months it will be 6.4 trillion.
Addressing a seminar organized by PTI to release a white paper on Pakistan’s economic situation Tareen said the PML-N government overvalued the rupee while the world devalued the currency. He said that the PML-N government had left a current account deficit of $19.2 billion while the reserves were $9.4 billion at that time.
He said that when the PML-N government came to power imports were up to $25 billion but due to keeping the rupee strong imports have reached $22 billion. He said that since the rupee was strong imports increased.
Tareen said that the PML-N government’s financial debt was 7.6 percent while the debt-to-GDP ratio was 64 percent. He said that PTI had increased the debt by 18 trillion but then the country’s GDP also increased by 72 percent.
He said that the present government was alleging that they had suspended the contract with the IMF but this was not true.
He said that now the current account deficit (CAD) is 13 billion in nine months and Ishaq Dar was saying that in a quarter it will go to 22 billion. He also said that now the government has to make payments to the banks after which the foreign exchange reserves will decrease further.