Shehbaz urges govt for ‘charter of economy’

Fears economy to further deteriorate if PTI continues current approach

ISLAMABAD: Pakistan Muslim League-Nawaz (PML-N) and Leader of Opposition in the National Assembly  Mian Muhammad Shahbaz Sharif while expressing deep concern over the country’s situation has once again offered support to the government.

“The government should keep aside its ego and head towards a charter of the economy,” he said, adding the on-going situation should create a sense of responsibility towards the economy and we should realise that it is time to make it our top priority.

The PML-N president further suggested the government to take heed of the situation and take the economic challenges seriously while offering the Pakistan Tehreek-e-Insaf (PTI) government the opposition’s support to transform the Pakistani nation into an economic force.

Commenting on the budget, the opposition leader again demanded of the PTI government to take economic challenges seriously.

“The government has not chalked up economic policy and strategy until now. A strong and stable economy is the only way to ensure national security,” said the former Punjab chief minister.

Shehbaz accused the government of showing a non-serious attitude on this matter and warned the current situation may further deteriorate if the government continues this approach.

He highlighted the inflation rate is again heading towards a two-digit figure, adding Prime Minister Imran’s government has broken its own record as far as inflation is concerned.

Meanwhile, Shehbaz stated a few figures while discussing the economic turmoil he claimed the country is heading towards during PTI’s tenure.

He said in October 2018, the inflation rate stood at 6.75 per cent but now it has increased to 8.2 percent, implying the decreasing value of the rupee and increase in poverty and unemployment. The inflation rate is also endorsed by quarterly reports of the State Bank.

“PML-N had brought the inflation rate to a 40-year low of 3.93 per cent despite difficult circumstances,” the opposition leader said, adding that PTI government had inherited a GDP growth rate of 5.8 per cent which has now dropped to as low as 2 per cent, raising alarm bells for the economy.

He said the SBP reports are also indicating an uncontrollable inflation rate and the unlikelihood of achieving economic targets while large scale production has slumped by 1.7 per cent and Foreign Direct Investment (FDI) during the first six months of the PTI government has been cut by 77 per cent.

According to the half-yearly report of the State Bank, the stock market lost $89.2 million during December while on the other side, increased tariffs for electricity and gas added to miseries of the common man.

“Gas bills are now showing an increase of thousands of rupees which is extremely painful for the people,” he said lamenting it appears the government is not interested in giving relief to the common man.

Shehbaz also said if the government was serious, it would have responded to the suggestion made by former prime minister Shahid Khaqan Abbasi regarding the provision of governmental relief in gas bills.

“After electricity and gas, the government has distressed the people with the increase petroleum prices,” he added.

The PML-N president further slammed the government for taking loans but not giving any relief to the people.

“If there is no program for development, where is the money obtained in the name of loans being utilised,” he asked while suggested the government not to run after credit and deliver with honesty and hard work.

“God will give you credit. Rise above politics; come let us strengthen the basis of the country’s economy,” Shehbaz concluded.