Fri, 19 Aug 2022

Islamabad [Pakistan], July 31 (ANI): As the Shehbaz Sharif government and former Prime Minister Imran Khan are engaged in a blame game over the country's economic situation, the Pakistan Rupee dropped to a record level and the inflation spiralled up to 38 per cent making the lives of the people more miserable.

Pakistan Tehreek-e-Insaf chief Imran Khan called the Shehbaz Sharif-led ruling coalition "incompetent" after the rupee hit a record low and inflation grew at an alarming rate this week.

Slamming the Shehbaz government, PTI chief, Imran Khan pointed out that the dollar stood at Rs 178 when he was voted out of power, but it had reached Rs 250 now calling the ruling party incompetentSimilarly and stated that inflation stood at 16.5 per cent during his tenure but had now spiralled up to 38 per cent, The Express Tribune reported.

Responding to the former premier's tweet, the finance minister said that the PTI government had taken the foreign debt from Rs 25 trillion to Rs 44 trillion.

The minister maintained that Imran had "left the energy sector in a serious mess" with no provision or contracts for gas or fuel, and circular debts of Rs 2.5 trillion in power and Rs 1.5 trillion in gas.

"Last year alone, [the] addition to power circular debt was Rs 850 billion," he added lambasting at the PTI government for driving the country towards bankruptcy.

Taking a jibe at Imran, the Finance Minister claimed that from Toshakhana watches to foreign funding and Farah Khan wielding power and taking bribes, the government was aware of who the "real thief" was.

"We know who is corrupt, untruthfulincompetent. IK and IK alone are responsible for this mess," he wrote on social media.

Separately, PTI Central Secretary General Asad Umar and senior leader Shaukat Tarin, in their statements, expressed serious concerns over the fast-dwindling economic situation of the country. PTI's Asad Umar also highlighted that the prices of basic necessities had increased by more than 37 per cent.

The former planning minister noted that the prices of basic necessities had increased by more than 37 per cent, which was the highest level in the history of Pakistan, The Express Tribune reported.

The former finance minister said the rupee was in a free fall, as the current government was completely clueless and could not handle the economy.

Since the start of 2022, the rupee has lost over 30 per cent of its value, according to the Foreign Exchange Association of Pakistan.

Notably, the massive rise in inflation in Pakistan has also resulted in demand destruction and created difficulties for the citizens to meet their basic requirements.

With a shrinking economy and rising inflation in Pakistan, experts worry that Pakistan's future is bleak saying that while Sri Lanka's collapse worries the region, Pakistan's collapse should also be a cause for concern.

In June, inflation in Pakistan soared to over 20 per cent, the highest in the recent past. In May, Pakistan's Bureau of Statistics (PBS) stated that the inflation rate as measured by the Consumer Price Index (CPI) was 13.76 per cent.

The inflation increased by 6.34 per cent month-on-month (MoM) and reached 21.32 per cent year-on-year (YoY) in June. According to the State Bank of Pakistan (SBP), inflation in the country will remain in the range of 18-20 per cent this fiscal year.(ANI)

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