PTI chairman reiterates his demand for early elections to save and strengthen democracy. PHOTO: FILE
Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan said the World Bank report, in which it had warned that Pakistan’s macroeconomic condition has significantly worsened in the past one year, has exposed the econ disaster created by the ruling PML-N in the country.
The PTI chairman took to the Twitter on Friday, a day after the Washington-based lender comprehensively covered the socio-economic issues in its Pakistan Development Update report.
The World Bank, in a highly critical report, exposed the econ disaster created by PMLN. The Report warned that Pak's macroecon conditions significantly worsened in the past 1 yr & heavy reliance on short-term foreign commercial loans wld create repayment issues for Pak.
— Imran Khan (@ImranKhanPTI) November 10, 2017
A WB report on Thursday in a demeaning report stressed Islamabad to have an “able tax administration” to broaden the extremely narrow tax base. It said the need to devalue the rupee against the US dollar, saying an overvalued currency severely damaged the exports.
'Pakistan’s macroeconomics conditions have significantly worsened'
Interestingly, the WB report came at a time when Finance Minister Ishaq Dar is already missing from action.
According to WB, Pakistan’s GDP growth rate was also expected to swell at 5.5 per cent this year while its macroeconomic conditions have significantly worsened in the past year. It projected a 4 per cent current account deficit against the official target of 2.6 per cent of the GDP. This would mean there will be more pressure on already sliding foreign currency reserves.
The WB Report projected that Pakistan will miss all key macro indicators' targets set for this fiscal year, notably fiscal deficit, current account deficit and annual economic growth rate https://t.co/n3L3Fyl5LJ
— Imran Khan (@ImranKhanPTI) November 10, 2017
“These bullet facilities of relatively short horizons can create repayment issues in the future,” said the WB report. The “macroeconomic imbalances have significantly worsened over the last 9 to 12 months” and widening macroeconomic imbalances could increase the country’s vulnerability to external and domestic shocks, it added.
“The wide current account deficit is expected to remain a concern and pressure on international reserves is likely to persist.”
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“With declining reserves and elevated debt ratios, Pakistan’s ability to withstand external shocks will be compromised and the risks will remain predominantly on the downside.”
With economic disaster looming and a complete paralysis of governance, Imran Khan reiterated his demand for early elections to save and strengthen democracy in the country.
With economic disaster looming and a complete paralysis of governance, Pak needs early elections to save and strengthen democracy https://t.co/uvMGXDRrtX
— Imran Khan (@ImranKhanPTI) November 10, 2017
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