Shehbaz shows concerns at debt surge
March 12, 2020 02:02 AM
Opposition Leader in National Assembly Shehbaz Sharif has expressed concerns over ‘unprecedented’ increase in government debt in seven months.
“The exponential spike from Rs1.210 trillion to Rs32.997 trillion in seven months has spelled a doomsday scenario for Pakistan,” he said in a statement issued on Wednesday.
The former Punjab CM said: “PTI government's agenda of economic destruction of Pakistan is a horrific message for the country and its people.
“A 10 percent increase in short-term and long-term loans is nothing short of an Armageddon for the country.
“The increase of short term foreign debt from Rs126.9 billion to Rs641.9 billion is a testament of catastrophic policymaking.”
Shehbaz said: “The government is slashing at throat of Pakistan's economy with a double edged sword.”
He said: “If this government does not understand and deal with the consequences of a single-layer seven percent drop of the stock market, it will lead to an irreversible disaster for Pakistanis.
“Coronavirus, international economic turmoil and government asleep at wheel will bring a tsunami of economic annihilation.”
The PML-N leader further said: “The PTI government is busy minting money by creating wheat, sugar crisis and jacking up prices of medicine and devaluation of currency. The only way out is praying.”