Pakistan Tehreek-e-Insaf (PTI) leader and former finance minister Shaukat Tareen has said that a rescue plan for the pit, in which they have fallen, was immediately needed. He said that six percent growth was happening but today it has gone negative.
He said that remittances have become 14 percent down in November while the inflation has reached the highest in the 50 years of history. He said that inflation was 12 percent in March during PTI government.
Tareen said that LCs were not being opened and companies were not getting money. He said that during their tenure they had given relief to the common man. PTI government controlled the prices of potatoes, tomatoes and onions.
Shaukat Tareen also said that to bring the country out of the economic crisis foreign exchange reserves needed to be increased. He said that if the income of the people will increase they will bear inflation.
He said that the saving rate was very low from 12 to 13 percent while the Federal Bureau of Revenue (FBR) and government resources also have to be increased. He said that unless the import and export will be balanced there will be a shortage of dollars in the country.
The former finance minister further said that they had increased tax collection, and increased the industry and IT growth. He told that 80 percent of the industry was small and six percent of credit was only going to the small industry.
