ADB’s inflation forecast for Pakistan a wake-up call for govt: Sherry Rehman

ISLAMABAD: Parliamentary Leader of Pakistan People’s Party (PPP) in the Senate and party’s vice-president, Senator Sherry Rehman, said the forecast of the Asian Development Bank (ADB) about upcoming wave of higher inflation in Pakistan must be a wake-up call for the government.

Expressing concerns on the forecast, she said the incumbent government has pushed the economy to the edge with its disastrous policies and mismanagement.

The Senator expressed her irony on how the Pakistan Tehreek-e-Insaf (PTI)-led government blames global price-hike for inflation, adding that the figures of regional inflation convey a different story.

Pakistan’s inflation is at worrying 11.50 per cent whereas India and Bangladesh are at 4.48 per cent and 5.7 per cent respectively, she said.

Sherry Rehman stated that the statistics speak for themselves and no amount of lies will cover up the economic catastrophe caused by the incumbent government during its three-year tenure.

She said the local currency is depreciating at a record pace against the US dollar, adding the ‘free-fall’ of the rupee against the greenback has become a norm.

Read more:ADB predicts higher inflation in Pakistan; revises down developing Asia’s growth outlook

“There has been a devaluation of Rs 55 since 2018 and Rs 20 in the fiscal year 2021-2022 (FY22) alone”, the Senator said while claiming it to be the highest devaluation against the US dollar in Pakistan’s history.

Sherry Rehman said the Pakistani rupee is nearly valued at Rs 179 against the greenback due to the poor economic policies of the PTI-led government.

She compared the value of the Bangladeshi taka and the Indian rupee against the US dollar and said the neighboring countries are far better than Pakistan in the currency value.

Rehman said, “Every economic indicator is in a steep decline under this government and there is no respite. The Current Account Deficit (CAD), currently at the US $5.084 billion, is expected to go higher as per the Governor of State Bank of Pakistan (SBP)”.

Read more: PTI govt gives only inflation, poverty, unemployment to nation, says Shehbaz

The Senator highlighted that Pakistan’s imports increased by 66 per cent to the US $23,484 million between July-October of the current fiscal year compared to the US $14,119 million in the corresponding period last fiscal year.

“The trade deficit for November stands at the US $5.107 billion which will obviously impact the CAD, which in turn results in weaker currency”, the PPP leader noted.

Sherry Rehman censured the government saying the trade deficit in the ongoing fiscal year is expected to reach the US $50 billion by the end.

All this eventually leads to inflationary pressures which the people have to deal with as the government has turned a blind eye towards the plight of the masses, she added.

Senator said the economy is in shambles and the confusing and inconsistent policies are not helping either.

She remarked that instead of creating 10 million jobs and reducing poverty, the government has only added to debts and liabilities which have soared to Rs 50.5 trillion.

She said gas load shedding has added insult to the injury and made it difficult for people to manage in the cold weather.

PPP leader expressed that the delusion knows no bounds and the government still keeps claiming Pakistan as the cheapest country in the region.

“The current state of our economy is a clear sign that the government has failed to live up to its promises and is unable to navigate the country through the crisis which it has created”, she said.

She added that the people want relief from poverty, unemployment, inflation, and corruption.