ISLAMABAD: The Pakistan Peoples’ Party (PPP) on Friday rejected the PML-N claims on the economy in the economic survey report, saying the macroeconomic fundamentals were derailing fast due to shortsighted policies of the present government.
“PPP deems it unfortunate that the government has come up with cherry picked information to paint a favorable picture of the economy in the Economic Survey 2017-18, which makes a mockery of the ground realities and the economic challenges the country is facing today,” a statement issued by the party said. “The Economic Survey begins with a misleading phrase: Pakistan has made great strides in improving its economic outcomes and reducing its macroeconomic vulnerability in the recent years. In reality, the ‘Mujhe Kyun Nikala’-focused government has only given increased income inequality, a deepening debt trap, a gaping current account deficit, fast drying forex reserves making the projected growth unsustainable,” the statement claimed.
The PPP said the state of economy can be gauged by the fact that the rupee lost more than 10 per cent of its value in a free fallin three months and was still unstable hitting to record low of Rs 118 to a dollar. “It is clear that there was insider knowledge of the fall of the rupee and many must have made a quick buck out of this move. For more than three years, for political gains, exchange rate was artificially being maintained by Dar which even the current adviser to PM on finance admits to,” the party said.
“In fact, the macroeconomic vulnerability has only increased and it is feared that the present government’s burdens will be inherited by the next government which may have to go to international agencies for assistance,” the party feared.
Published in Daily Times, April 28th 2018.
