LAHORE - Chief Justice of Pakistan Main Saqbi Nisar on Monday expressed serious concerns over the failed economic policies, observing that “every newborn in Pakistan owns a heavy loan.”

“It is due to the failure of the successive governments’ policies that every newborn is indebted,” the top judge further remarked. He gave these remarks while hearing the case regarding foreign assets and bank accounts held by Pakistani citizens at the Supreme Court Lahore registry.

Justice Umar Ata Bandial and Justice Ijazul Ahsan were the other members of the bench. CJP Nisar came down hard upon the State Bank governor and secretary finance for not appearing before court.

“We are hearing an important case about the public welfare but the State Bank governor and secretary finance have not bothered,” he remarked. “How much does every newborn is indebted?” the CJP observed.

The bench also expressed concerns over non non-implementation of apex court docket’s directives within the case of overseas belongings and financial institution accounts maintain by Pakistanis.

The court also regretted over laundering of trillions, sharp decline in exports and challenge of smuggling.

“Why investigation has not been started against the money laundering of trillions of rupees to  Switzerland?” the CJP raised a question.

He also regretted over decreasing export and increasing import in the country.

“No one could stop smuggling,” the CJP remarked.  He also sought report that what number of abroad belongings and financial institution accounts every Pakistani owns.

 “They take loans and leave those children to bear the brunt who are not even born as yet,” the CJP said while pointing out towards small print of loans taken by finance ministry in 10 years.

He further observed that just look at the state of health, education and provision of clean drinking water.

The top court, however, dispelled the impression that apex court had rejected the amnesty scheme, raising a question that who said that they had rejected Amnesty Scheme.

“It is not in the knowledge of the court,” the bench said while referring towards Amnesty Scheme.  Justice Bandial asked chairman FBR, Tariq Pasha, why you don’t bring the amnesty scheme in the knowledge of the court.  The FBR chairman, however, remained silence.

The court also sought details of foreign loans borrowed by the finance ministers during the last ten years and the foreign visits they made.

CJP asked FBR chairman what progress has been made in the matter of trillions of dollars of Pakistanis lying in Swiss accounts.

The court asked the FBR officials to furnish all the details in the court by midnight.

CJP wondered that no restriction or law was introduced to thwart illegal flight of money abroad. We wanted to know the details of every Pakistani who holds foreign assets or accounts.

According to the Debt Policy Statement, every Pakistani man, woman and child owes over Rs57,000 which is approximately Rs22,000 more than the per head level when the dissolved PML-N government took over in 2013.