PTI chairman and former prime minister Imran Khan on Friday said he and former finance minister Shaukat Tarin had warned “neutrals” that “weak economic recovery would come to an end” if a conspiracy against the PTI government was successful.
Taking to Twitter, Imran said: “Rupee for a period of less than Rs193 / $ (from R178 on March 8); interest rate of 15 percent higher since 1998, the stock market is down by a margin of Rs. -3,000 or 6.4pc; the stock market has lost Rs604 billion in capitalization; 13.4pc higher inflation since Jan 2020. “
He added that the figures showed “the lowest expectation for imported government”.
“The market is waiting for the policy and action that the government has sent abroad that it could not provide. Shaukat Tarin and I had warned” neutrals “that [the] The conspiracy has succeeded, our recovery from a weak economy will come to an end, ”he said.
The term “neutrality” came into the political debate after a brief statement by DG ISPR Maj-Gen Babar Iftikhar in March in which he strongly stated that the military had nothing to do with politics and asked to stop unnecessary discussion and speculation about military involvement in political affairs. .
The government’s indecisiveness undermines self-confidence
Imran’s remarks come as the Pakistan Stock Exchange and the rupee both have been under pressure for the past few days as the new coalition government fails to make sound economic decisions.
Earlier today, the greenback rose above Rs193 in the interbank market, reached a new all-time high and broke its previous day record of Rs192 points. This was the fourth day in a row the dollar went up to a record high against the rupee.
Analysts and experts have linked economic pressures with uncertainty over the continuation of the International Monetary Fund (IMF) loan program coupled with rising foreign oil debt and increasing trade deficits.
It was morning The editorial article on Wednesday noted that the main cause of the erosion of investors’ emotions was the failure of the new coalition government to come up with a credible strategy to take tough political decisions to reform the economy. For example, it remains indecisive with regard to the conversion of unstable energy subsidies, a ‘preliminary step’ that the IMF requires it to take before it can agree to restart funding.
In a recent meeting with the new finance minister, the IMF linked the continuation of its borrowing program with the transformation of petroleum subsidies, introduced by the previous government. However, Prime Minister Shehbaz Sharif has now twice rejected the summary of the Oil and Gas Regulatory Authority to raise fuel prices.
PTI announced a four-month suspension of petrol and electricity tariffs (until June 30) on 28 February as part of a series of measures to bring relief to the community.
The PML-N coalition government has strongly criticized the Imran Khan government for “ending” the IMF program with petrol support but even though he has been in office for more than a month, he has not withdrawn funding. Finance Minister Miftah Ismail has repeatedly said these grants are impossible and cost R120 billion to the government every month.
Ismail said petrol should have been priced at R245 a liter according to a previous agreement with the IMF. However, the PML-N government was still selling it for R145 a liter and will do its utmost to maintain that value, he added – a sign that the new government is finding it difficult to make a decision that may be unpopular with its voters. .
In a program published today, It was morning said the PML-N was caught up in ‘private consultation – a guide for senior leaders’ travels to London to meet Nakaz Sharif – as fears continue to grow due to their inability to start working to improve the economy.
The editor called on the PML-N to make a firm decision on its future, saying: “It’s time to dump her and move on.”
The government responds to Imran
In response to Imran’s claims, Information Minister Marriyum Aurangzeb arrested the former prime minister responsible for the country’s economic collapse and the historic rise of the dollar against the rupee.
“If there is an increase in history [price of] dollar, then Imran Khan is responsible. The dollar went up to R193 because of him.
He added that people were responsible for inflation as a result of previous government agreements with the International Monetary Fund (IMF). “For the past four years, the incapacitated, the cartels and the Imran mafia have been conducting economic terrorism,” the minister said.
Aurangzeb said Imran did irreparable damage while working with gasoline, all in an attempt to save his failed politics. “If tough decisions are made today, Imran Khan is responsible,” he said, adding that the PTI chairman was now sitting on a high horse in an attempt to cover up “anti-social economic crimes”.
Speaking directly to Imran, the minister said putting the country’s people and economy at risk is treason. He also lashed out at inflation when he was the cause, asking him to answer for the economic damage he had caused.