$5B trade deficit sign of economic catastrophe, says Shehbaz

Opposition Leader in the National Assembly Shehbaz Sharif has said that the “record trade deficit of more than $5 billion this month” was an alarming sign of economic catastrophe.

In a statement, the PML-N president noted that the record increase in trade deficit was a clear indication of imbalance in the country's imports and exports. He said that the latest statistics showed that the inflow of dollars in the country had decreased.

“The rupee is under tremendous increasing pressure due to which its value is constantly declining. The dollar has already crossed Rs180, while the inflation is rising further which is terrible news for the country,” he said.

“The economy is in reverse gear, while the industry, trade, commerce and employment are all in deplorable shape,” he added.

Shehbaz maintained that the uniform application of 17% GST on more than 100 items would lead to further increase in inflation.

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“It is a global practice that amid high inflation GST is reduced, but in Pakistan, things are the other way round.”

The PML-N president was of the view that the government’s move would have “dire consequences” as it also exposed the fact that the incumbent regime had not been able to increase the tax base.
He reminded Prime Minister Imran Khan of his promise to double the tax revenue and observed that the premier had “failed miserably”.

He said that the government itself was already acknowledging 19.5% inflation in essential commodities or price sensitive index.

Shehbaz observed that the government advisers were making contradictory statements on the rising inflation saying at times that Pakistan was the cheapest country in the world while at the other held global circumstances responsible for the worsening situation.

“Instead of imposing mini-budget and playing with the future of the nation and country, the government should resign.”