Shehbaz Sharif demands govt to bring IMF’s terms into Parliament
Shehbaz Sharif, National Assembly’s opposition leader, urged on Monday that the administration bring the IMF‘s terms into Parliament.
According to the leader of the Pakistan Muslim League-Nawaz, the continual rise in the value of the dollar portends disaster for the country’s economy.
“History shows that an increase in the value of the US dollar versus the rupee has always resulted in price increases,” Shehbaz Sharif stated. “People are going financially down to get poorer as the dollar’s price rises,” he remarked.
The opposition leader said that the administration was insensitive to the hardship of the common populace. “The parliament should be informed on the terms agreed upon with the International Monetary Fund,” Shehbaz said. “Keeping IMF requirements and specifics of discussions secret indicates that something is amiss at the bottom,” PML-N leader said.
“An unrelenting rise in the price of the dollar has wrecked the economy and allowed an unrestrained rise in commodities prices,” he added.
“The authorities are preserving criminal silence about the rise in the dollar rate and have chosen to remain quiet on the matter,” Shehbaz asserted. “It might be the outcome of a secret agreement with the IMF,” he added.
“The dollar’s flight has demonstrated that the administration has failed miserably on the economic front,” he remarked. “Economic deterioration and chaos do not bode well for national security,” he warned.
Earlier, SBP Governor Reza Baqir caused quite a commotion on social media when he defended the currency devaluation, claiming that it benefitted abroad living Pakistanis and that inflation in the nation was artificial and would be handled.
He said that rising exchange rates had resulted in price increases.
Earlier, the International Monetary Fund (IMF) forecasted Pakistan’s GDP growth prediction for 2021/22 at 4%, but warned that huge differences in Covid-19 vaccine access and policy support in many developing countries could obstruct their economic recovery.
The IMF affirmed Pakistan’s preliminary GDP growth rate of 3.9% for the preceding fiscal year 2020-21 in its recent report “World Economic Outlook October 2021,” which was released on 13th of October.
According to the estimate, Pakistan’s unemployment rate will fall from 5.0% this fiscal year to 4.8% next fiscal year. Similarly, inflation would decline from 8.9% in 2020-21 to 8.5% by the conclusion of the current fiscal year 2021-22.