Pakistans political parties blame each other for economic crisis – Business Standard

Pakistan  | Shehbaz Sharif | Political parties
ANI  Last Updated at June 13, 2022 09:00 IST

Pakistan's political parties, the incumbent Muslim League-Nawaz (PML-N) government and the ousted Tehreek-e-Insaf (PTI) government led by on Sunday blamed each other for the economic mess in the country.
Two days after the budget was formally presented in the National Assembly, the PML-N and the PTI continued to butt heads over each other's economic performance and the state of Pakistan's external debt, reported Dawn.
Earlier today, Information Minister Marriyum Aurangzeb took to Twitter to share a video clip of a news package featuring former finance minister Shaukat Tarin.
The clip was of a press conference Tarin held yesterday, in which he had said, "They (government) say ever since was formed they (PTI) have raised the debt by 80 per cent. It did not increase by 80 per cent in the (four) years (of the PTI rule). It grew by 76 per cent."
Referring to those remarks, Aurangzeb said, "At last, Shaukat Tarin has admitted that took out loans worth Rs 20 thousand billion during his four-year tenure, which is 76 per cent of the loans taken out in Pakistan's history." She added that more such "admissions" would follow, reported Dawn.
Finance Minister Miftah Ismail then said, "Total public debt under PTI went from Rs 24,953 billion to Rs 44,366 billion, an increase of 78 pc. And total debt plus liabilities went from Rs 29,879 billion to Rs 53,544 billion, an increase of 79 pc. The PTI has added 79 pc in 3.75 years of all debt + liabilities added in the previous 71 years."
PTI's Fawad Chaudhry, meanwhile, said their government took out loans of USD 52 billion of which USD 38 billion was to pay back the loans taken out by the previous governments. "If you do not like the agreements made with the Monetary Fund (IMF), then why does the poor government go to the board?" he asked.
Responding to Aurangzeb, Chaudhry said she was bound to make such uninformed remarks when she spent all her time "playing Candy Crush" — a mobile phone game. Yesterday, he claimed the government was not serious because Aurangzeb was "playing video games" during the post-budget press conference, reported Dawn.
Meanwhile, Tarin said that the PTI's economic performance over the last two years was the best in 30 years. "Stop deceiving people, they know the truth. Your performance is evident in the last eight weeks, pathetic," he said.
In a later tweet, Tarin claimed that while PTI's debt increased by 76 per cent "despite Covid when tax burdens increased the world over", the PML-N increased debt by 79 per cent during their time.
The economic survey of Pakistan revealed that total external debt had touched USD 88.8 billion (Rs 16.29 trillion) by the end of March 2022, having increased by around USD 2.3 billion over the first nine months of the outgoing fiscal year.
Meanwhile, Prime Minister said that the budget represented "significant improvement" in several ways, reported Dawn.
"It has provided more educational opportunities for our youth, particularly from Balochistan and targeted subsidies for financially weaker people. More importantly, it has taxed non-productive assets of the rich," he said.
PTI Chairman Imran Khan, on the other hand, was still not convinced. "Given the special needs of tribal districts, my government had increased their funding by three times to Rs 131 billion. The imported government has budgeted only Rs 110 billion, reduced development funding, zero allocation for displaced persons and zero increase in the current budget. Shows incompetence and ill-intent of the government of crooks," he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Business Standard
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
Business Standard
Premium Services
In Partnership with Fis Logo
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard


Leave a Comment

Your email address will not be published.