Former Finance Minister Ishaq Dar has said that the economic boost during the previous government of Pakistan Muslim League (N) was unprecedented in the history of Pakistan, while the present government had brought the national economy at the verge of collapse.
In a statement issued from London, he said the government of PML (N) has brought a record development in almost sectors of the national economy and the country’s GDP was leading to around 7 percent. PTI’s government raised miseries of the common people, through price-hike and economic mismanagement. The incumbent PTI government has borrowed loans more than all the previous governments, adding during the present government one year the internal and external loans mounted by 31%.
During the PML-N era the borrowing was rupees five billion per day but now the borrowing has touched more than 20 billion. He said borrowing rupees one billion and returning one billion old debt only cause an increase in the debt and only has an adverse affect on the economy. Dar recalled that one year ago there was a debt of Rs 24,212 billion, which has after one year increased to Rs 31,784 billion.
He pointed out that one year ago, our internal debt was Rs 16400 billion and external Rs 7800 billion, adding that after the PTI government coming into power the internal debt increase to Rs 20,700 billion and external debt has rose to Rs 11100 billion and the accumulative figure of debts has reached to Rs 31800 billion.
Elaborating, he said there was an increase of 26 percent in the internal debt and 44 percent in external debt and altogether the total debts become 31 percent which is higher than debts borrowed by all the previous governments. He said that during the previous PPP government the borrowing was Rs 8200 billion and during the N-League the debt was Rs 9200 billion. The former finance minister said the PTI government has borrowed more than the agreement reached with the International Monetary Fund (IMF). He said that when the PML-N government took over, the GDP was 60.1% while in the next four years it was 61.3%.
Dar went on to say that when the PML-N government came to power the load shedding was at its peak, the N-league carried out development projects and installed power projects which generated 11000 megawatt of electricity. Besides, it has built a vast 1700 kms network of motorways, strengthened security of the country, took measures which led to increase in revenue, boost up GDP growth. All these measures put the country to the road of progress and prosperity, he added. Now, he said that the entire adverse situation is before the nation, the country instead of moving forward facing stagnation in all the fields.—INP