BUSINESS

PTI government compromises economic sovereignty: Mirza Ishtiaq Baig

KARACHI: Mirza Ishtiaq Baig, President, Pakistan Business Forum PML-N, has said that the PTI government compromised economic sovereignty by implementing conditions much before entering new IMF loan program.

In a statement he said that the PTI had claimed to put the economy on right path but after assuming the charge it had forgotten its own claims.

The present government in its first 50 days failed to provide relief to masses. He said that the government should explain why it took 50 days and deliberately delayed in announcing to go for IMF bailout package. It should also explain why friends of Pakistan refused to assist in this difficult economic situation.

Providing relief to masses was mere claims by Imran Khan and his team. He said that during the tenure of present government the rupee depreciated by 7.5 percent against dollar in a day but the PTI team appeared to fail to control the devaluation.

Mirza Ishtiaq Baig said 

He said that reports suggested further depreciation in rupee value but neither the finance minister nor the State Bank of Pakistan (SBP) denied such reports.

Further increase was expected in policy rate in the coming monetary policy. The SBP already increased the policy rate to 8.5 percent and further hike would result in closure of industries.

Mirza Ishtiaq Baig said

He said that PTI government in contrast to its claims of providing relief had increased the prices of gas and devalued the local currency, which would result in inflation.

He urged the PTI government to take stakeholders onboard before taking key decisions.

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