Commenting on Pakistan’s latest Eurobond issue, Pakistan Peoples Party criticised the government and has decided to submit an adjournment motion in the Senate.
PPP Senator and Standing Committee on Finance and Revenue Chairman Saleem Mandviwalla termed the issuance of Euro Bonds by Pakistan as a “disaster” for the economy, adding that the matter would be discussed in the upper house and Senate Finance Committee.
He criticised the economic policies of the incumbent government, noting how consumers had been laden with high indirect and withholding taxes that had crushed their purchasing power. He also expressed disappointment over government’s economic policies to build foreign reserves of the country.
“Who will pay the $2.5 billion in the next 10 years?” he questioned. “Ultimately the people of Pakistan will have to suffer to reduce the present government’s burden.”
He also questioned why the ministry could not negotiate till the third quarter for the global markets to recover to get better rates.
Published in The Express Tribune, October 1st, 2015.
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