Pakistan’s basic debts are so big that we are near bankruptcy, says Asad Umar

ISLAMABAD: Finance Minister Asad Umar said on Wednesday that Pakistan’s basic debts have reached alarmingly on such a high level that the country is near bankruptcy.

Speaking in a special question and answer session on social media, he said:  “You are going to the IMF with these massive debts in toe for a bailout. We have had to fill the big gap,” adding, “if you look at the numbers from PMLN time, there was double-digit inflation during PMLN time which we have thankfully not hit as yet.”

The finance minister said that unlike in the past, the inflation has not hit double-digit.

“If you look at the past, inflation affected all stratas of society equally. In fact the poor had higher levels of inflation affecting them. In our tenure this has seen a different trend with the poor feeling relatively less inflation as compared to higher income groups,” he claimed.

Umar admitted that the economy has slowed down which has resulted in low employment rate.

“You’re saying all my policies are like Ishaq Dar, Ishaq dar says I’ve destroyed the economy! During his time, for the first time in Pakistan’s history our exports didn’t grow,” he said, “Dollar has climbed because of past economic policies that have led to such huge losses for us as a country. “It’s a basic demand and supply situation.”