Lahore : Pakistan Tehreek e Insaf commenting on the tale of atrocities and oppression inflicted on the economy and masses in the four years’ Sultanate of Mughal e Azam Nawaz Sharif, attributed the budget presented by federal government as a continuation of failed economic policies.
Member National Assembly and senior leader Pakistan Tehreek e Insaf Asad Umar responding to the budgetary speech by federal minister for finance Ishaq Dar has stated that Nawaz government has adopted reverse Robin Hood strategy in its four year reign where money is being snatched from the pockets of the poor and middle classes to enhance wealth of the unproductive elite.
Asad Umar stated that Nawaz Sharif made huge claims of ending load shedding from the country before coming to power, but after holding the reins of power for four years and spending billions on advertisements, the shortfall in May 2017 is more than that of May 2013. He added that rural and urban areas are compelled to face load shedding of upto 12 to 14 hours. When Nawaz Sharif stepped in as PM, he paid Rs. 480 billion to clear circular debt in a non-transparent manner and claimed that paying off these debts will end load shedding in Pakistan forever. However this claim has also proven to be false and Pakistan today is not only facing severe load shedding but circular debt has also exceeded Rs. 400 billion. He further said that one of the major crimes of the Sharif government is that not only has it failed to eliminate load shedding but has increased electricity tariff by imposing 4 types of new surcharges resulting in the highest electricity tariff in the region.
The PTI leader also criticized bogus claims of self reliance by Nawaz Sharif as surge in national debt reflects the falsehood of these claims. During five years of Zardari era Rs. 8 trillion were added to public debt, whereas in three years and nine months the Sharif government has increased debt by Rs8Trillion.
He said that external debt of the country increased from $61billion to $76billion in less than four years of Sharif rule. One of the key reasons is the collapse of exports which have reduced from $25billion to $20billion in this period which is unprecedented in the history of Pakistan.
The falling exportes, increasing imports, stagnating remittances and low level of foreign investments are combining to sink the country into a serious external debt trap.
According to Asad Umer trade deficit has doubled in the initial ten months of this year. It has reached 26.5billion dollars and might exceed 30 billion dollars by the end of this year. In other words, trade deficit of current fiscal year will be double that of the last year of the Zardari era.
Tehreek e Insaf leader said that Nawaz Sharif used to pledge that once in government he would restore investor’s trust through transparency and exemplary policies. He also used to assure that he will focus on the establishment of new industries in Pakistan which would result in massive employment opportunities and poverty alleviation. The facts and figures portray a grim picture of investment which has been on the average the lowest in the last thirty years of any government. Despite the new investment in the wake of CPEC the current foreign investment remains lower than even the previous government.
Asad Umar said that while PM Nawaz Sharif in his election campaign promised to bring reforms and competent professionals in institutions to strengthen governance. The fact is that Pakistan steel mills, has been closed for last 23 months. PIA has become a tale of plunder, loot, corruption led by a person put on ECL by Nawaz Sharif government itselfe and the cumulative debt of state owned institutions is nearly double of when the PMLN assumed power.
Asad Umar stressed that the fact is that in the four years of PMLN govt it has reduced direct taxes and increased indirect taxes which effect the poor and middle class. He said that the productive sectors of the economy are hurting due to heavy indirect taxation, unprecedented spread of withholding taxes, increased cost of doing business, withholding of billions in refunds, and worsening of ease of doing business indicators.