Shehbaz warns of deteriorating economic conditions

LAHORE: President of the Muslim League of Pakistan-Nawaz (PMLN) and opposition leader in the National Assembly, Shehbaz Sharif, warned that due to the current economic situation, the government will have to take out a loan to pay wages next year.

In a statement released here on Tuesday, he said that if the PTI government continues, next year the government will have no money to pay interest on loans, the defense budget and salaries of employees of the government.

“The historic increase in the current account deficit will result in the borrowing of dollars. If you don’t borrow dollars, foreign exchange reserves will drop sharply, endangering national security, ”he said.

The Leader of the Opposition said the government constantly lies when it says it borrows money to pay off debts, a fact economists have revealed. The facts and documents refute this lie of the PTI government, all these debts are the result of the destruction of the national economy, bad decisions and a bad economic strategy, he asserted.

The rising value of the dollar, falling national income, economic stagnation, rising interest rates and the resulting poor economic policies have transformed the national economy into a “debt-driven economy”, he said. Shehbaz said and added that during Prime Minister Nawaz Sharif’s decision to occupy, both the national economy and the national income were increasing and with an increase in the growth rate, the economy was picking up.

The government’s deal with the IMF is tantamount to filling the base of the Pakistani economy with dynamite, he said, adding that the government had dealt a severe blow to the national interest by agreeing to the condition of adopting a bill in parliament. These IMF conditions are an attempt to dictate parliament. The SBP Act and the Supplementary Tax Laws Bill were part of the terms of a new agreement.

The president of the PMLN said the legislation was enacted against the interests of the people. He said the country’s debt burden is over 55.5 trillion rupees and this is proof that the economy is not working and the government has failed. “In three years and three months, the burden of debt and public payments has increased by 20.5 trillion rupees. Imran Niazi and his incompetence and corruption are responsible for the increase in debt, ”said Shehbaz.

He said that each new day of government means bringing Pakistan to an economic stalemate. Expressing his concerns, Shehbaz said if the PTI stayed in power for five years, there would be no money in Pakistan to pay the salaries of government employees. If the PTI ends over five years, Pakistan’s total debt and payment burden will more than double, he concluded.

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