Lahore : Chairman Barabri Party Pakistan (BPP) Jawad Ahmad has said that the weak economics policies of PTI are pushing the country towards default.
During a meeting with student representatives, Ahmad said that the Government’s decision to reduce growth rate of GDP will have far-reaching effects on the economy of the country, as the size of the economy will shrink; budget deficit is feared to increase by 6.6%, as a result.
Jawad Ahmad said that when the current Finance Minister was running for the position, he claimed that he could fix the economy in six days, were he given the opportunity. Yet six months into his appointment, the state of the economy is deteriorating. The expected IMF deal package will bring 6 billions USD, however the Govt has to repay 5 billions USD, in respect for various debt, by June 2019. Hence, the Govt keeps borrowing to pay back the debt, he added.
One of the IMF conditions for this deal package is to increase the price of oil and gas. This will directly hit the ordinary people of Pakistan, who account for 99% of the population, warned Jawad Ahmad.
He opposed the probable privatisation of State Life Insurance company of Pakistan. He said that it is the largest financial organisation of Asia, and its ranking is AAA. Privatisation will destruct the organisation completely, forewarned Jawad Ahmad.