Record borrowings from State Bank put economy on the bankruptcy: APML

Lahore:Finance Secretary All Pakistan Muslim League (APML) Mansoor Moin has expressed deep concern over the poor financial condition of the country saying that due to low foreign aid, the economy is on the verge of bankruptcy.

Talking to a delegation of business community, Mansoor Moin said financial loans of the government have shoot up 1200 billions from the State Bank, while 509 billions from the commercial banks, APML press release said Tuesday.

Mansoor Moin said it has never happened in the country’s history that any government had taken loans in such a hefty amount, he said. “It has become difficult for the commercial banks to get new investment and if there is no injection of investment in banks, employment will be on rise posing threats to law and order situation and further increase in price hike, he added.

APML leader said former President Pervez Musharraf is the only leader who can bring the country’s financial and economic condition back on track, because he is the only leader who has the political and economic consideration to the gigantic challenges faced by the country, he further said.

The business and traders community is looking towards Pervez Musharraf to return to Pakistan as he has already proved that he could bring the foreign investment in the country and improve the economy.