Shehbaz Sharif criticises Imran Khan govt for drowning Pakistan's economy under debts

The Pakistan Muslim League-Nawaz President and Leader of Opposition, Shehbaz Sharif on Tuesday, September 21 had criticised Pakistan Prime Minister Imran Khan-led government over financial debts. Sharif lashed out at the ruling government saying that the present government has drowned the country's economy under debts, according to ANI. The statement of Sharif comes at a time when Pakistan's financial debt continues to rise. 

Opposition leader slams Imran Khan-led government

Leader of Opposition, Shehbaz Sharif slammed ruling Pakistan's Tehreek-e-Insaf government over the "unprecedented level" of inflation in the country. Furthermore, Sharif stated that during the three-year tenure of the Imran Khan-led government, they were not able to develop even a "single penny" project. Moreover, he raised concern over the unemployment in the country. Shehbaz Sharif further added that the poor people of the country were facing difficulties in affording even "two square meals a day."

While addressing a National Assembly session in Islamabad on Tuesday, Shehbaz Sharif said, "Five million people have been rendered unemployment by the incumbent government, it has become impossible for the poor to afford two square meals a day." The statement of Sharif comes at a time when Pakistan's financial debt has risen to Rupees 149 trillion under Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf's three-year tenure, ANI cited an annual report released by the State Bank of Pakistan. Pakistan's public debt has climbed by over 8% in 11 months of the fiscal year that ended in June. The rise in public debt came as a result of increased government borrowing to fulfil the spending requirements during the COVID-19 pandemic, The News International reported, citing the government data in July. 

Earlier this month, the foreign exchange reserves held by Pakistan's Central Bank dropped 0.61% on weekly basis. The reduction is due to the external debt payments, the bank stated. On August 27, the foreign currency reserves held by Pakistan's Central Bank were recorded at USD 20,145.6 million, which went down by USD 123 million to USD 20,022.6 million on September 3, ANI cited The Express Tribune report. Reportedly, net reserves held by banks amounted to USD 7,080 million. 

Image: AP

Inputs from ANI