Forex reserves depletion vindicates opposition’s concerns on economy: Shehbaz Sharif

ISLAMABAD: Pakistan Muslim League-Nawaz President and National Assembly Opposition leader Shehbaz Sharif said on Friday that the Pakistan Tehreek-e-Insaf government’s falling back on global commercial banks to avoid depletion of foreign exchange reserves confirms the concerns of the opposition.

In a statement, Shehbaz said the government policy of relying on foreign banks for dollars was akin to playing with fire. He said there was no way the opposition was going to approve a mini-budget and standing up against it was a test for every Member of Parliament. He expressed his hope that the conscientious members of the government will take a bold stand, the allies will also muster up the courage and stand by the truth.

The opposition leader said that if the government allies join in the oppression of the people and Pakistan, they would also be seen by the nation as accomplices in the destruction of the national economy along with the PTI. “This mini-budget was a prelude to tie the hands and feet of Pakistan,” he said.

Read more: SBP’s forex reserves fall $415 million on foreign debt repayment

National Assembly Opposition Leader said since 2018, the current government has reached a debt level of $40 billion, which was alarming to say the least. During the first five months of the current financial year, the government borrowed $4.96 billion out of which $3.45 billion was for non-developmental purposes. Out of the $14 billion budget estimate, only $4.699 billion had been raised so far. He said debt money could not sustain the economy and nor was it a wise policy in favor of the country.

“With the entire economy, national defense and government system on debt, the vision of geo-economics will become a joke”, he said.

Shehbaz said the demand of Rs6 per unit increase by K-Electric was pure cruelty. He said the government was taking steps that is depleting the people’s income and purchasing power. The price of sugar had gone up again in the open market. A 100 kg bag of sugar was being sold at Rs 880.

The dollar is at an all-time high of Rs180.7 and the government is creating more instability by saying the country was running out of dollars.

Shehbaz said the clear conclusion from this worsening crisis is that this PTI government does not have the wisdom, seriousness, sound economic policy and team that Pakistan desperately needs now.