Mini-budget to leave Pakistan’s economy dependent on external support: Shehbaz Sharif

LAHORE: Pakistan Muslim League-N (PML-N) President Shehbaz Sharif on Monday said the proposed mini-budget of the government would leave Pakistan’s economy dependent on external support.

“I again tell the conscientious government members and allies that mini-budget is a cup of poison, stay away from it. Mini-budget amounts to stabbing a knife into Pakistan and its people’s back, we should fight against it,” Shehbaz Sharif said in a statement.

Read more: No new taxes to be introduced in mini-budget: Shaukat Tarin

He said the government’s move would turn out to be a lethal poison for Pakistan’s fragile national interests such as economic sovereignty, nuclear technology and Kashmir.

Instead of slitting people and the economy’s throat with a mini-budget, the government needed a 10 years’ sustainable economic strategy, he maintained.

“A ten-year policy will have to be formulated to get Pakistan out of the quagmire of problems. Only by consistently working on this ten-year economic policy can a way out of the current economic quagmire emerge,” he said.

PML-N president said the incumbent government had neither the capacity nor the vision to formulate a ten-year plan for sustainable economic growth, nor could it build consensus.

Policy rates would have to be reduced which would increase business activities, reduce the pressure on debt payments and cut inflation, he said.

Read more: Senator Shaukat Tarin takes oath as federal minister

Shehbaz Sharif said the government held talks with the IMF in a hurry and no seriousness or readiness was shown.

“Sustainable economic foundations cannot be built on false promises, childish consolations, illusions. Rising inflation, rising current account deficit and continuous depreciation of the rupee are ticking bombs. The weekly commodity prices index hit a two-year high of 19.83%,” he said.