ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) senior leader and former finance minister Hamad Azhar on Friday said that all targets in the new budget are artificial and not realistic like last year. Also, the finance minister did not come up with any plan to bring down inflation or save the sinking economy.
In his reaction to Finance Minister Ishaq Dar’s budget speech, Hamad said, “All the targets of this budget are artificial and unrealistic as last year. Economic growth, tax collection, inflation rate, imports and remittances are “Targets are written only to balance the budget, because they have no relation to reality. Similarly, he pointed out that interest payments and non-tax revenue have been rigged to the tune of Rs 1000 billion and the Finance Minister There is no plan to bring down inflation or save the sinking economy.Industrial production has fallen by 25 percent in the past two months due to restrictions on the import of raw materials and a shrinking economy.
He claimed that the government was completely clueless and had no plan on how to get the country out of the current quagmire. He said that the new external debt target in the budget is 8.5 billion dollars but it will not be possible without the IMF while the PDM government does not seem to be in the mood to take effective decisions because they do not care about the economy, they only want to TI Chairman Imran Khan is concerned. ” he added.
Meanwhile, a PTI spokesperson said he expected Ishaq Dar to hand in his resignation and blame the people for crippling the economy with sky-high inflation of 38 percent, 0 percent growth and bringing the economy to the brink of default. Will apologize to the nation. With State Bank reserves falling below $4 billion.
Responding to the budget speech, a PTI spokesperson said that the Economic Survey for FY2023 paints a really dismal picture of the economy. Under the PDM government, economic activity has stagnated with 0.3 percent growth in the current year, compared to two years of nearly 6 percent growth under the PTI government. A ‘never-seen-before’ crisis has emerged, with 8 million workers out of work in fiscal year 2023, the unemployment rate rising to 10 percent and nearly 18 million households falling below the poverty line, the spokesman said. The spokesman said.
“Ishaq Dar likes to spin random figures and spin fairy tales to cover up his huge failures, as Finance Minister for Purchasing Power Parity (PPP) calculated GDP and GDP Can’t even tell the difference. The IMF has refused to do business with the PDM government, global markets have closed their doors to Pakistan and even people from their own party are talking about horror stories. But openly questioning. Again why do we think he is unfit for the job, with a complete lack of basic understanding of markets and economic policy. This policy has brought the economy to the brink of default. , SBP’s reserves are now only at $3.9bn, which is not even enough for a month’s imports. They were $10.5bn at the time of VONC,” the spokesperson said.
