PTI is running on borrowed time, says Sherry Rehman
LAHORE: Parliamentary Leader of the Pakistan Peoples Party in Senate Senator Sherry Rehman said on Thursday that the Pakistan Tehreek-e-Insaf government is running in the country on borrowed time, adding that the last three years of this government have been disastrous, as the whirlwind of economic policies that have been implemented have resulted in a perfect storm of multiple economic disasters.
Speaking at a ceremony, the senator said that the government has wilfully put the economy on the ventilator due to regressive taxes and triggered an inflationary spiral. “All economic factors point towards a failure in governance, be it the $5.107 billion trade deficit or the falling PKR which is now at 176.65 and is putting immense pressure on the current account deficit. The dangerous double-digit inflation rate now stands at a whopping 11.5%, haunting the public that is already exhausted from unemployment and poverty.”
She said that whether it is the record-breaking debt, extortionate petrol prices, perilous trade deficit or the plunging value of the PKR; our economy is on a ventilator.
Condemning the surging inflation rate, she said, “Due to the constant inflation bombs, Pakistanis are forced to choose between gas for heat during the winter, education for their children, food on their plates or petrol for the bikes. Now, the inflation rate has surged to a shocking 11.5% from 9.2%, which is the highest recorded increase in the past 21 months.”
Senator Rehman said that food inflation is at an abysmal 11.2% compared to 10.8% last month. Public misery is becoming immeasurable and the government’s moot responses leave much to be desired. Contrary to the government’s self-congratulatory statements of establishing a “Welfare State,” 43% of Pakistanis cite inflation as their biggest source of concern, while 87% believe that Pakistan is headed in the wrong direction.”
“In one year alone, the price of flour has increased by 26.58%, the price of oil has increased by 45.85% and petrol price has increased by 44.43%, with all other commodity prices following suit. Despite this, the government is hell-bent on announcing a mini-budget as per the blind instructions of the IMF. What the country needs is to get rid of this incompetent government, not dictation from the IMF.” Further discussing the tariff rates,” she said, “Now there is an enormous Rs4.74 per unit hike in electricity tariff, putting overwhelming burden on the people who are already suffering due to soaring inflation, record fuel prices, and an ongoing gas crisis.”
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