Titanic of economy is sinking, warns JI chief

Says SBP’s recent report has exposed government claims

Our Correspondent March 31, 2019
Says SBP’s recent report has exposed government claims. PHOTO: FILE

LAHORE: Jamaat-e-Islami (JI) chief Senator Sirajul Haq has said the Pakistan Tehreek-e-Insaf (PTI) government has unleashed a storm of inflation on people in the name of change.

“The government is getting oil from Saudi Arabia on loan but is selling it to public at hefty price. It has also failed to control exchange rate of the US dollar due to which the rupee has greatly devalued,” Haq said on Saturday while talking to delegations of Pakistani community in Makkah.

He also pointed out that the interest rate had risen to 11%, adding that the government could not negate the State Bank of Pakistan’s (SBP) report, which, according to him, exposed the government’s claims.  “In its first eight months, the PTI government has reversed the development process by eight years rather than taking the country forward,” he added.

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He said that in addition to foreign loans, the government is also taking loans from the country’s banks and thus rendering them bankrupt. “Rs3,300 billion loans have been taken in the last eight months and inflation has reached its highest point. The economy could not be improved through loans.”

Haq said the Titanic of economy is sinking, yet the rulers are making new claims every day.

“The government cannot hide its shortcomings by attributing every fault to previous governments’ alleged corruption. The difficulties for the public are increasing, while the government does not have any programme for the improvement of economy.”

The JI chief said the inflation due to increase in the value of dollar will test the patience of the people.  “Prices of oil are continuously falling in the international market yet our rulers are increasing the oil, electricity and gas prices,” he added.

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