Local currency being destroyed deliberately:PEW

Lahore: The Pakistan Economy Watch (PEW) on Monday said local currency is being destroyed deliberately on the command of IMF.

The negotiating team of the international lender trapped Pakistani officials during face-to-face negotiations which pushed country into a severe currency crisis.

IMF team that carefully laid this trap knew that Pakistanis are are highly unlikely to walk out of the talks even if the vital national interests were to be compromised, said Dr. Murtaza Mughal, President PEW.

Rupee has shed over nine per cent value against major currencies, especially USD since PML-N formed government which speaks of the competence of their economic managers, he said.

Dr. Murtaza Mughal said that the situation has dented the confidence of masses and business community while it is hurting the popularity of the party which claims to be promoting pro-business policies.

He said that situation has not only exposed the claims of Governor SBP and Finance Minister but it has been pushing up cost of living and cost of production which is leaving masses in a lurch and ensuring retreat of locally manufactured products from the international markets.

The situation will hurt forex reserves, augment loans, trigger unemployment and deteriorate law and order situation which will push millions of unemployed to indulge in terrorism, crimes or suicides.

The failure of economic managers and SBP will also hit remmitances and give a new life to the illegal business of hawala and hundi, he observed.

Dr. Murtaza Mughal said that Pakistan imports fossil fuel and edible oil worth 18 billion dollars which will be enough to make life of dejected masses more miserable.

In a situation when economy is leading on path of destruction the Governor SBP and Finance Ministers are enjoying foreign trips while finance ministry officials have embarked upon an uneding round of useless meetings, he noted.

He said that IMF released only 540 million dollars as first tranche pushing our managers to take 625 million dollar loan from commercial banks which worsened the situation.

On the other hand, IMF is so happy with their success that they are not leaving any opportunity to praise the ‘reforms’ of incumbent government.