- Says there were record losses in Steel Mills, Railways, and other institutions, and the opposition had left the country in debt of up to Rs 2,500 to Rs 3,000 billion
ISLAMABAD: Finance Minister Asad Umar presented the Finance Supplementary Second Amendment bill 2019 in the National Assembly on Wednesday.
Umar began by stating that this was not a mini-budget being presented but rather a set of economic reforms. The finance minister asked what the previous government had left behind for the people of Pakistan.
“Two years ago, an economic situation began to develop when all economic experts started to say that danger bells are ringing. But instead, those in power did not pay heed, they thought the people were ignorant, and instead they conspired to ‘buy’ an election.”
Umar added that the deficit grew to Rs900 billion, asking who would fill this gap. “How will this gap be filled? Will it come from their Swiss accounts? No. That money is filled with money paid by the citizens.”
According to the finance minister, there were record losses in Steel Mills, Railways, and other institutions, and the opposition had left the country in debt of up to Rs2,500 to Rs3,000 billion.
The minister brought attention to the dangerously low level of exports. “Today exports are at 40 per cent. Of the entire national output, exports were 14 per cent and now they are just 7 percent of the economy.” Umar said that, by the time of the next general elections, the PTI government would not need to ‘buy’ any elections because of their performance in improving the economy. He claimed that by 2022, the country’s growth rate will be at its highest and current account and fiscal deficits at their lowest in 15 years. Agencies
