Former government borrowed $44 billion but failed to stabilise economy : AsiaNet-Pakistan

Former government borrowed $44 billion but failed to stabilise economy

June 9, 2018 | Chambers of Commerce, Official News | Share:

Karachi, June 09, 2018 (PPI-OT): Chairman Coordination of FPCCI Malik Sohail Hussain on Saturday said PML-N government borrowed over 44 billion rupees during its tenure which is a record. Despite borrowing at such a massive scale standard of living of masses or economy could not be improved, he said. Now, the country is at the brink of bankruptcy as it was in 2013 when the PML-N came to power, he added.

Malik Sohail Hussain said that the former government continued to beat the drums of success but the forex reserves continue to fall necessitating another bailout package on harsh conditions. The former government increased debt by over fifty percent while it weakened the local currency by almost ten percent increasing debt and putting additional pressure on the masses, he said.

The business leader said that energy imports reached almost 60 percent of the exports but the government failed to end load shedding or settle circular debt which reached to new heights during its tenure. Mismanagement in LNG deal inflicted heavy losses on exchequer and paved way for gas sector circular debt for the first time in the history of the country.

The former PM and other government functionaries repeatedly claimed to have added over 11000 megawatts in the national grid but there is no place in the country which is immune from Load shedding in the sizzling heat of June, he observed. He said that the government failed to fulfill promises like tackling unemployment, poverty, corruption, and profiteering.

The PML-N also failed to introduce reforms in sectors like health, education, taxation, and provision of justice. Good governance, selling bleeding public sector entities, provincial harmony, reduction in debt, industrialization and developing agriculture remained a far cry.

The tax system could not be made friendly and nothing important could be achieved during the last five years set in the manifesto for the May 2013 election over the last five years’ rule, he said. Malik Sohail said that the loans acquired by the former rulers will not be paid by the politicians but our future generations.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Tags:

Category: Chambers of Commerce, Official News