‘Ill-planned’ budget will unleash new wave of inflation: PTI

The opposition leaders belonging to Pakistan Tehreek-e-Insaf (PTI) have termed the budget for fiscal year 2022-23, presented by coalition government led by PML-N, as "ill-planned", saying it will unleash a new wave of inflation in the country.

Finance Minister Miftah Ismail on Friday unveiled the Rs9.5 trillion federal budget, aiming for economic growth of 5% amid pressure to control the fiscal deficit and secure International Monetary Fund bailout money.

Reacting to the budget, PTI Secretary General Asad Umar said that Finance Minister Miftah had made hollow claims of reducing inflation and no relief was given to the people by the “imported government”.

The former planning minister said “corrupt rulers” have passed on the burden of inflation to the masses.

“Miftah Ismail had told the nation a few months back that the price of petrol should not be more than Rs137 but now it has gone up to Rs210,” he added.

Similarly, Asad said the prices of other commodities including electricity tariffs have also witnessed a sharp increase since the coalition government came into power.

Also read: Govt unveils Rs9.5 trillion federal budget for 2022-23

“On the one hand there is a storm of inflation and on the other the economy is collapsing rapidly. Construction sector will come to a standstill and those associated with it will become unemployed.”

Citing massive depreciation of rupee against the dollar, he expressed fear that the country’s economic situation is fast deteriorating which he said could turn into Sri Lanka-like crisis.

Former energy minister Hammad Azhar expressing similar views said contrary to the claims of the government, the inflation rate will increase by 2%-3% while the GDP growth will drop to 2%-3% from current 6 per cent.

In a video statement, Hammad said the government’s claims that the budget will bring stability to the economy are based on “lies”.

He claimed that the country’s economy was on the verge of default due to political instability, adding that the budge was prepared in “haste”, which he said also lacked direction to steer the country out of crisis.

PTI Senator Shibli Faraz said the incumbent government did not have legitimacy to present the country’s budget, saying that they have destroyed economy within two months after ousting former prime minister Imran Khan through a vote of no-confidence.

He also reiterated that early elections were the only solution to stabilise the economy.