LAHORE: Pakistan Muslim League-Nawaz (PML-N) President Shahbaz Sharif has strongly reacted to the increase in electricity prices by Rs. The economy is falling apart like electricity, this decision will further increase inflation, unemployment and economic catastrophe. Rising electricity, petrol and gas prices and raising taxes are slavery of the IMF, rejecting the government's thinking and measures.
In his statement, he said that the relief of oil shortage in the world market was not passed on to the people but the poor were made fun of by imposing petroleum development levy and sales tax. Why shouldn't the nation call the Prime Minister a thief? The rupee has depreciated by more than 30.5% against the dollar in 40 months. At the time of the fall of the Dhaka tragedy, the rupee depreciated to the largest extent after 58%. Is this the new Pakistan?
He said that the nation needs a capable, honest and competent leader elected by the people, instead of putting national security, economic sovereignty and the people in the throat, it is in the national interest to acknowledge failure. Imran Niazi And don't play the game of national security and people's lives with the punishment of corruption.
The country, which was one of the 20 emerging economies in the world under Nawaz Sharif, is now on the list of crisis-stricken countries. There will be more shutdowns, the economy will slow down further, how people will buy property after this move, tax collections will also decrease, more than fifty industries related to steel, cement blocks, bricks and construction sector will be adversely affected. The parties concerned in the sector should have been consulted before taking such an initiative.
He also warned the government against the hot money move, which has already hurt the economy. After leaving the IMF program in 2017, the interest rate was 5.7% and GDP was 5.8%, the rate during the Nawaz Sharif era. With the rise in growth, inflation has come down significantly. In 47 years, the country was in single digits in inflation. Performance boosted investor confidence, the rupee strengthened, interest rates rose to 9% after the current government's IMF program, and inflation plummeted to double digits. He said that the government is going to take about 800 billion new financial measures which will put immense pressure on the people and the economy.
Rs 250 billion cut in development expenditure and new tax measures of Rs 550 billion is a story of oppression, these measures are tantamount to setting Pakistan's economy on fire, inflation has already taken the breath away of the people, Pakistan's external account position Already critical, these measures will create more problems, economists are questioning why the current government did not properly negotiate an agreement with the IMF in the national interest ?, the current government a fiscal year I wanted to borrow 2% of GDP. The IMF did not approve. Pakistan needs high GDP growth.
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