Former finance minister Shaukat Tarin stated on Thursday that the IMF accord will not serve the public interest because the present administration accepted the IMF’s tough requirements, which the PTI government had firmly refused.
At a press conference, he claimed the PTI-led government had taken a courageous step by rejecting the IMF’s demand that electricity and petroleum goods be raised in price. He stated that the PTI government’s objective was to cover the capital by expanding the tax base.
He went on to say that previous Prime Minister Imran Khan went to friendly countries and the IMF to help the country out of the economic disaster that the PMLN administration had created, and that he was successful in getting the country back on the path of economic progress.
He claimed that the current regime’s economic staff provided PTI government statistics plainly proving that the economy was strengthening, which they had previously refused to admit.
He pointed out that PTI’s policies had permitted higher growth for two years in a row, with the country posting 4.4 percent growth in agriculture and 7% increase in the industrial sector this year. He claimed that dislodging the PTI government was beyond comprehension when everything was working smoothly and the country’s economy was stabilizing.
India and China were getting cheap oil from Russia, according to Tarin, while the imported rulers were making up justifications to avoid a similar arrangement.
Tarin expressed his alarm, saying that the imported administration dropped fuel and diesel bombs on the people as soon as they assumed power, raising petrol prices by Rs. 60 in a week and electricity prices by Rs. 7.5 per unit. He said that the price of gasoline had risen by 45 percent.
He said that downgrading Pakistani banks would have an impact on the economy, that inflation in the country might reach 25 to 30 percent, and that the economic crisis may put a stop to the country’s businesses, as well as putting thousands of people out of work.
He predicted that the current government’s economic policies will stifle growth.