Asad Umar and Miftah Ismail feud over the economy

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail and ex-minister for planning and development Asad Umar found themselves embroiled in a war of words Wednesday with each other on the state and direction of the economy.

The exchange was triggered by a tweet from Umar on Tuesday in which he assailed the coalition government’s slow decision making and said that the new government received an economy in the “best running condition.”

“The imported government got the economy in the best running condition…record exports, record crops, rising industrial production, rapid increase in employment opportunities,” he wrote.

Taking a jibe at the PML-N government, the former minister added: “With the slowness and incompetence with which they [the new government] are taking decisions, it seems as if the engine is about to start emitting smoke".

Read more: Miftah Ismail clarifies controversy over Shehbaz's announcement of salary increase

However, the newly appointed finance minister was quick to take note of the criticism and identified all the loopholes in the economy that were left behind by the PTI government.

“Historic high budget, highest trade deficit, record-high inflation, massive currency devaluation, depleting foreign exchange reserves,” he wrote, identifying the major challenges that the new government would have to face.

Ismail added: “[Despite all this] Asad Umar is saying the economy is in good condition? There is a limit to false statements.”

The former finance minister took charge as the country's new finance minister, hours after Prime Minister Shehbaz Sharif’s new cabinet comprising 33-members was sworn in.

Read more: PM Shehbaz’s cabinet — Who will be handling which ministry?