PML-N issues white paper ‘100 Days of U-Turns’ on PTI’s performance

ISLAMABAD: The Pakistan Muslim League–Nawaz (PML-N) on Friday issued a white paper ‘100 Days of U-Turns’ on the performance of the Pakistan Tehreek-e-Insaf (PTI) government.

During a news conference, the PML-N leaders brought up the recent all-time hike of the dollar hitting Rs142 in the interbank market. Former prime minister Shahid Khaqan Abbasi said the rupee had depreciated to the lowest point in history.   

Abbasi said that in the previous government’s tenure, fiscal policies were widely appreciated.

“Prime Minister Imran Khan still cannot believe he is in power even after passing of 100 days,” the senior PML-N leader said while criticising the government’s performance.

Abbasi said that the value of rupee depreciated after the prime minister’s address on Thursday.

He said that nothing was said about the tax evaders, adding that those who don’t pay taxes weaken the system.

The PML-N leader spoke on the money laundering allegations saying that the government has so far failed to provide proof.

“The government should adopt the fiscal reforms introduced by Miftah Ismail to stop money laundering and theft,” said Abbasi.

Former PM said that the way inflation has increased recently was not witnessed earlier, adding: “Due to the dollar rate hike, the loans on Pakistan have increased by rs600 billion.

PML-N leader Ahsan Iqbal said that the prime minister had said that he will end corruption within 90 days. “Despite passing of 100 days, the premier hasn’t learnt the rules of business,” he added.

Earlier, the prime minister spoke on the dollar reaching an all-time high and said that his government was taking steps to ensure that a shortage of dollars would not exist in the future.

The prime minister said he had been receiving calls since morning about the hike in the dollar price. “I want to tell everyone not to worry about the dollar hike. There is an adjustment taking place. We are taking steps which will ensure that there won't be a shortage of dollars in Pakistan.”

The prime minister highlighted that Pakistan’s biggest problem was the current account deficit which stood at almost $18.5 billion. “The government is tasked with overcoming the deficit. When there is pressure on the dollar, the exchange rate increases.”

The greenback gained by Rs8 (a five percent increase) to touch the new high in the interbank market. The dollar stood at Rs 134 when the market closed on Thursday.

The rise in dollar comes owing to the widening current account deficit and International Monetary Fund's (IMF) suggestion to the government to realign the rupee with market fundamentals to access funds.

Further, the State Bank of Pakistan is set to announce its monetary policy today and the market expects an increase in the interest rate which could be reflecting on the dollar rate. The current policy rate is 8.5%.

The latest devaluation of the rupee has taken the total debt owed by Pakistan to Rs760 billion.