- Prime Minister Shehbaz Sharif says that Imran has always wanted Pakistan to default.
- Khan says that “created a deliberately volatile environment” for investors.
- The PTI chief alleged that the economy was in “free fall” because of the current government.
Prime Minister Shehbaz Sharif on Monday hit out at Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan for his comments on the economy, saying the former prime minister’s “vast view of the economy and its working people”. Understanding of the environment is quite limited”.
“[Khan] It also conveniently forgets its role in deepening economic challenges. By terminating the IMF (International Monetary Fund) agreement, he has always wanted Pakistan to default. This is apart from the negative impact on the economy in terms of political instability of their non-stop agitation, long marches and sit-in politics,” Prime Minister Shehbaz said in a tweet.
His comments came hours after Khan claimed that the economy was in “free fall” due to the policies of the Pakistan Democratic Movement (PDM) government.
Pointing to the widening gap between the interbank and open markets, Khan said the “depreciation of the economy’s dollar” meant there was no local or foreign investment. “The question is, how is the Pakistani establishment allowing the country to slide into total economic misery?”
Responding to Khan’s claims, Prime Minister Shehbaz said that Khan had created a “deliberately unstable environment” for investors, especially following the May 9 arrest of the PTI chief. After violent riots in which public and private properties were damaged in several cities.
The Prime Minister said, “The horrific events of May 9 alone caused billions of rupees to the economy and this is an undeniable confirmation of his nefarious intentions.
Acknowledging that Pakistan faces economic challenges, the current prime minister said the country has already passed through a “doomsday scenario”.
The Prime Minister said the government is addressing the challenges through timely interventions and tightening of the economic belt, adding that it is working with friends and partners to bridge the fiscal gap wherever needed. Is.
He added that the government is making efforts to reduce the country’s dependence on imports by increasing exports, investment and productivity.
The exchange between the former and current prime ministers comes as the $350 billion economy is going through its worst financial crisis.
The government has been in talks with the IMF for months to issue a much-needed economic bailout, without which Pakistan is at risk of default. However, the stalled loan program is yet to be revived.
Meanwhile, the country’s foreign exchange reserves have fallen sharply to meet less than a month’s worth of imports. The State Bank of Pakistan (SBP) is denying or delaying opening Letters of Credit (LCs) for non-essential imports. However, companies in almost every sector have complained that it has led to inventory shortages and stalled production.