Record growth witnessed in several sectors in PTI tenure, claims Tarin
ISLAMABAD – The opposition Pakistan Tehreek-e-Insaf (PTI) on Saturday warned that the incumbent government’s proposed budget for the fiscal years 2022-23 would trigger “another storm” of inflation and unemployment in the country as it is based on “unrealistic assumptions and targets” that are unlikely to meet.
Addressing a press conference here, PTI Senator and former finance minister Shaukat Tarin severely criticized the federal budget, which was presented by Finance Minister Miftah Ismail in the National Assembly, the other day.
He claimed that it is unlikely that the government would get a relief from the International Monetary Fund (IMF) despite massively overburdening the inflation-ridden masses through this “non-serious” kind of budget. Flanked by PTI senior leaders including Omar Ayub Khan and Muzzammil Aslam, Senator Tarin alleged that the finance minister presented a very confused budget, as he tried to fool the masses through jugglery of words. “They should understand that the numbers don’t lie, no matter how much spin-doctoring you do.” He said that the government has set unrealistic growth targets in the budget 2022-23 which it would never be able to meet.
Tarin claimed that the budget has a deficit of Rs 4.2 trillion while the country saw the highest GDP growth in the last three years when PTI was in power.
He asked the finance minister to be “serious at least on the economy”, as if the debt had increased during the last few years. The reality must be told that the economy grew considerably, remittances and exports remained at record levels during the PTI government, he said, adding that the agricultural growth of the “imported” government would be less than last regime as it would not even touch 3.9 per cent.
The former finance minister said large scale manufacturing (LSM), housing, services sector, remittances, and exports all witnessed robust growth during PTI’s tenure.
He said that the incumbent withdrew the incentives provided to the industries that would cause their closure, which is alarming.
| Former finance minister says govt presented ‘very confused budget’ | Upto Rs35 per litre petroleum levy being imposed that will bring another storm of inflation
Omar Ayub fears power prices will increase to Rs39 per unit
The PTI senator claimed that the government would further increase prices of fuel and electricity, while inflation has already gone up to 24 per cent, and this would further increase unemployment by 25 to 30 percent. He said the government would impose a petroleum levy of up to Rs 35 which would bring another storm of inflation in the country.
He said that the incumbent government had set a target of petroleum levy of Rs 750 billion, adding that PTI had given Rs1 trillion worth of subsidies to the power sector.
Tarin further said that this year, the capacity charges would go up to Rs 1,400 billion. “I have left 43% of new taxpayers in the data which the government is not using. I think they will have a problem with IMF because a time bomb has been fixed with the budget.”
Speaking on the occasion, former federal minister for energy Omar Ayub said that now the prices of food items would skyrocket. “We had left the price of electricity at Rs. 16 per unit, but now it will increase to Rs. 39 or 40 per unit,” he said.
He said that their banking ranking, since the present government seized power, has been on the decline, adding that in June-July, the power shortfall would be up to 7,000 MW.
He alarmed that petrol prices would soon cross triple century, and could soar past Rs. 300 or 310 per liter.
He said that the increase in fuel prices would destroy agricultural and industrial sectors and the inflation would batter down a common man. He predicted that the people would soon see a 400 per cent rise in their gas bills.
Expressing his surprise over the gas loadshedding in the summer, he said that industries were going to be shut down.
PTI Spokesman for Finance and Economy Muzzammil Aslam talking on his turn said that interest payments would increase by Rs 1,000 billion in just one year. “Our remittances have also decreased,” he said.