During an interview in a private television channel, Pakistan’s former Finance Minister and the Central leader of Pakistan Muslim League-Nawaz, Ishaq Dar said that the claim of the previous government breaking the ‘begging bowl’ was incorrect and false. He also said that the government took $2600 billion worth of foreign loans in the last eight years. He said that all the claims of the previous government regarding stabilized economy were false as well. In 1999, when Pakistan’s former President Parvez Musharraf went to power, Pakistan’s outstanding foreign loan was $2900 billion. Within eight years, it went up to $5400 billion. Mr. Dar held wrong policies of the previous government responsible for this condition.
Pak Tribune reports:
Ishaq Dar further said that the non-development expenditures have reached upto $1500 billion from $500 billion, which reflects that all claims of the previous government regarding development were also incorrect.
He said that false statistics presented by the previous government in the last budget destabilized the economy of the country.
The veteran economist in a question said that the restoration of deposed judges could bring positive effects in country economy, however, political reasons are also responsible for economic instability.
I was very much surprised after reading this news. Pakistan has a tough road ahead of it. The country just saw a new democratic government. Rising food price and oil price is a major problem in the country. Poverty is also wide spread. The newly formed government will have to work very hard to bring Pakistan out of its present condition.
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Pak Tribune
» Pakistan: Foreign investment declined severely in fiscal year 2007-2008 from SouthAsiaBiz
In the 2007-2008 fiscal year, Pakistan observed a significant decrease of 37.2% in its overall foreign investment. From July 2007 to May 2008, the total amount of foreign investment stood at $3.944 billion which was $6.281 billion in the last... [Read More]
Tracked on: June 18, 2008 10:12 PM | Permalink to Trackback