ISLAMABAD: On the very first day in office, prime minister , Shahbaz Sharif , had an hours long consultative meeting with Pakistan’s leading economic experts. The agenda of the consultative meeting was to brainstorm on the grave economic situation of the country and take input from the experts to cease economic turmoil . Pakistan Tehreek e Insaf (PTI) government had de-shaped Pakistan’s fragile economy. Its flawed economic policies not only added substantially to Pakistan’s economic woes in the last three and half years, but also made the people’s lives miserable as inflation and subsequent price hike pushed a vast majority of the population into biting poverty. Despite downfall of the economy , ousted prime minister, Imran Khan, kept on taking populist decisions like announcing subsidy on fuel, electricity etc. In last couple of months, Imran Khan damaged Pakistan’s economy to a level where economic sovereignty of a country’s comes at risk.
The gravity of the economic situation calls urgent corrections. The prime minister took the right decision and held hours long meeting with top economic experts and took their opinion to formulate such an economic policy which could steer Pakistan out of grave economic situation .
Soon after the consultative meeting , Shahbaz Sharif asked his economic team to formulate short term and long term economic strategy in line with the input of the economic experts to cope with deteriorated economic situation of the country. He also directed to his economic team to suggest measures for reduction in the prices of commodities . He noted that the government will use every window to give relief to the people on urgent basis.
In a press conference after the meeting, former finance minister and PML-N leader, Miftah Ismail , claimed that Pakistan’s deficit stood at Rs5,600 billion. He held the ousted Pakistan Tehreek e Insaf ( PTI) government for pushing the country toward economic crisis.
Muftah said “This is the highest deficit in Pakistan’s history by far. Earlier, the PTI government had predicted a deficit of Rs3,990 billion, later a reporter didn’t agree and claimed it would stand at Rs4,300 billion, but I had said that it would move up to Rs4,600 billion, unfortunately, I was wrong,” Ismail told journalists.
Ismail said the state in which Imran Khan’s government had left the national economy was an injustice to the people of Pakistan as the inflation was increasing with every passing day due to their flawed economic policies.
The member of the newly elected premier’s economic committee lashed out at the PTI government for announcing the subsidies — on fuel, electricity, and others — which, he claimed, were not maintainable.
“…I have to say this with a heavy heart that the statements the ministers made were erroneous as they could not finance [the subsidy package] on their own, the deficit is increasing by Rs373 billion,” Ismail said.
Muftah added that Imran Khan — when he saw his government was about to be ousted — announced relief measures, which put the country’s economy and future at stake.
Ismail also berated the ousted prime minister for granting subsidies to businesses and said: “there was no need” at all to provide them with it”.
Regarding Governor State Bank of Pakistan, Reza Baqir, Ismail said his term was scheduled to end in May, while the prime minister would have a final say about his future in the coalition government.
