ISLAMABAD - Pakistan People’s Party Vice President, Senator Sherry Rehman yesterday expressed serious reservations after the latest 1.5 per cent hike in State Bank’s interest rates. 

“The interest rates have been increased in accordance with the IMF demands. In March, they were increased by 50 basis points and just two months later, they have spiked by 150 basis points to an eight year high of 12.25 per cent,” said PPP Parliamentary Leader in Senate.

In a statement, Rehman said: “The government is implementing the IMF terms before the deal is even signed on. This is also evident in the unabated increase in dollar rate which has seen the rupee plummet to Rs. 152 in the open market. All this devaluation is going to make paying back our debt an onerous task.” She said that it seems like the poor people of this country are not the government’s priority at all.

“Moreover, it is important to note that the IMF program will continue until the last quarter of 2022, leaving less than three quarters for the government to generate jobs. We hope that the government has not lost track of its promises of providing 10 million jobs to the people, so far the opposite has been the case,” she regretted.