Senator Sherry Rehman slams govt for electricity hike, SBP, and rampant inflation

Pakistan Peoples Party (PPP) Parliamentary Leader in the Senate, Senator Sherry Rehman, slammed the incumbent government on its policies and inflation.

Speaking on the presidential system, she said, “It was Shaheed Mohtarma Benazir Bhutto who signed the historical Charter of Democracy after finding consensus with Pakistan Muslim League – Nawaz (PML-N), the party that was the biggest opponent of the PPP at the time. The 18th amendment supports the Parliamentary system which ex-president Zardari personally signed to give away his powers and strengthen Pakistan’s democracy to promote a culture of federal stability in the country.”

Speaking on the State Bank of Pakistan (SBP) Amendment Bill, she said, “The PPP government in 2013 empowered the SBP and allowed it to be autonomous within certain limits to maximise its functionality as a regulator. The purpose of the central bank is to facilitate price stability, in PPP’s time it did just that, and it led to economic prosperity in Pakistan. No one from the opposition has denied being part of IMF programmes, including the Extended Fund Facility (EFF) and adjustment programme. There have been over 20 such programmes in the past, but previous governments had never allowed the IMF to have complete power over the policies enacted in the country as we are seeing today.”

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She continued, “Throughout the world, central banks are autonomous to the extent that they are still allowed to be the lender of last resort and the sovereign guarantor. No one was able to clarify in this government that this would still be the case. If the bill had gone to the committee of the Senate, the shape of the bill perhaps may have been different and more suited to the people of Pakistan. Right now, nobody has any idea where money will be mobilised in the event of a national crisis and there is zero clarity on that. The government failed at negotiations with the IMF due to its own ineptitude and, ultimately, its hands were tied; that is why they had no choice but to accept each and every term from the IMF.”

Speaking on the Supreme Court (SC) after comments of the ruling party on one of its verdicts, she said, “Both the government, political parties, and us as individuals have always respected the SC, despite many doctrines of necessity. However, the government must also respect that the reference that was taken against the senior judge, Justice Qazi Faez Isa, has reached a verdict which the government has openly and irresponsibly criticised, in a move that directly disrespects the judicial system.”

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She said “The real ground reality which cannot be stressed enough is that Pakistan is suffering from extreme inflation. Today, there’s been another shock for the Pakistani people, as there will be Rs3 per unit hike in electricity tariff, which will shift a massive burden of Rs30 billion on the people of the country. Monthly inflation has skyrocketed to a whopping 13% for January, which is the highest in the last 24 months.”

She concluded, “As Shaheed Mohtarma Benazir Bhutto said, we will save this country and uphold that promise to improve the lives of the people. The same cannot be said for the government that is in power today, the last three years have brought Pakistan to its knees and the government has absolutely no plan for the future of the country.”