Under the direction of Prime Minister Shehbaz Sharif, the government is committed, according to Coordinator to the Prime Minister on Economy and Energy Bilal Azhar Kayani.
Bilal Azhar Affirms the Government’s Commitment to Boosting the National Economy.
On Sunday, he spoke to the media in Islamabad. He claimed that our macroeconomic indicators are improving and that our foreign exchange reserves will rise after the staff-level agreement with the IMF.
Bilal Azhar firmly stated that we have successfully avoided default and that we can now anticipate a rise in foreign exchange reserves following an agreement with the IMF and assistance from friendly nations.
Bilal Azhar claimed that our current account deficit has fallen by 68 percent in the first eight months of the current fiscal year, counting on various measures the current government took to boost the economy. In light of the present foreign exchange reserves.
Imran Khan, the leader of the PTI, is to blame for the nation’s current economic unrest, according to Bilal Azhar.
He claimed that the former prime minister was too preoccupied with political retribution to pay attention to the economy and was unconcerned with societal issues.
Twenty million people were compelled to live below the poverty line, according to the Coordinator, while six million people lost their jobs during Imran Khan‘s administration. He claimed that in less than four years, the PTI government raised the nation’s total debt by 78%.
In contrast to this PML-N administration, the preceding one executed a number of groundbreaking development initiatives and overcome a major energy crisis.
Bilal Azhar Kayani, the prime minister’s coordinator for the economy and energy, claimed on Saturday that the current administration has successfully avoided
The impending default and made important strides toward stabilizing and reestablishing the country’s economy on a sustainable basis have been overlooked.
Atif Mian tweeted
“Pakistan’s economy is in a tailspin, going from crisis to catastrophe.”
Bilal stated that Pakistan suffer significant economic difficulties, but the situation was not as dire as suggested in this thread.
He said that the present administration has successfully avoided default and made important strides toward restoring economic stability.
Infighting, confusion, and competition for power over the past few years have led to the country’s current crisis, according to Mr. Mian, who released a string of tweets on Wednesday.
“This is seen in the growing stagflationary tendencies, whereby both prices and growth are accelerating. He wrote, “These are really alarming indicators. Stagflation is characterized due to persistently high inflation, high unemployment, and stagnant demand in an economy.
He noted that the slowdown in GDP growth was not just unique to Pakistan but also a worldwide phenomenon. He noted that the war in Russia and Ukraine and the US Federal Reserve’s higher interest rates were still having an impact on world economic growth.
He claimed that the devastating floods of the previous year had a negative impact on Pakistan’s economy as well. He also predicted that Pakistan’s GDP would recover if its current foreign account issues were resolved and the outlook for the rest of the world improved.
“There is a primary surplus of 0.9% of GDP this year as opposed to a primary deficit of 0.6% during last year,” he said, adding that the current economic challenges, including inflation, have been directly attributed to the disastrous policies of the Imran Khan government, which systematically destroyed Pakistan’s economy over the course of four years and purposefully pushed the nation towards default before leaving office last year.
He continued, “Imran Khan‘s government not only nearly doubled Pakistan’s debt, but also produced a $17.4 billion current account deficit in the fiscal year 2022. If the current administration had not instituted mitigating measures after taking office in April 2022, this figure would have been even higher.”