PESHAWAR - Pakistan People’s Party-Sherpao (PPP-S), Khyber Pakhtunkhwa, President Sikandar Hayat Sherpao on Sunday urged the government to formulate an effective and stable economic policy to minimise the rising inflation and unemployment.

Talking to party delegations here, he said the State Bank of Pakistan was printing currency notes due to heavy loans being borrowed by the government, causing the inflation, which enters its double digits.

Quoting State Bank’s report, he said the government had borrowed Rs 437 billion during current fiscal year, speaking volumes of lavish spending by the government. He said that loans worth billions of rupees had been written off by the PPP-led government, breaking the backbone of the banking sector. He said the economic condition of the country was weakening with each passing day due to flawed economic policies, resulting in high inflation, poverty and unemployment in the country.

“The government is least bothered to pay heed to the IMF and State Bank of Pakistan’s warning to reduce its lavish spending,” he said.

He asked the government to concentrate on completion of ongoing projects particularly in energy sector to stabilise the economic sector. He suggested the government to sought help of Russia, who was offering financial and technical assistance in various sectors. 

Criticising about the Awami National Party-led coalition, he said the so-called champions of Pakhtuns rights were deceiving its people by initiating flawed development projects. “Funds being provided by the international community for the reconstruction of damaged infrastructure of the province due to militancy and floods are massively siphoned off,” he said.  He urged the people to be aware of the plots of ANP and reject the incumbent rulers, who plunged the country to economic and political chaos, in the next general elections.