There is no economic crisis, Senate told

The government Thursday held out a categorical assurance to the Senate that there is no economic crisis and again offered the opposition again to sit for thrashing out a charter of economy, though the timing of the offer was questioned by Opposition Leader Sherry Rehman as the budget is to be presented within weeks.
Replying to questions by Sherry and PTI's Azam Swati on the state of economy and how exactly the volume of foreign loans was, State Minister for Finance Rana Muhammad Afzal said that there is neither economic crisis nor any issue of debt liabilities.
He explained during the question hour that the lending credibility of the government is very high, as it has been clearing debt liabilities every year regularly and hence qualifies for further foreign lending. The minister maintained that till June, $3.3 billion were to be paid back to lenders for which a roadmap was ready and foreign exchange reserves were sufficient for two-three months imports. "There is nothing to hide. There has been high growth and imports to be managed in its backdrop," he said.
In a written reply to a question, the minister said that principal amount, outstanding of external public debt as of June 30, 2016 and June 30, 2017 was $57,721 million and $62,488 million respectively. He contended that the government has focused during its tenure on how to come out of the debt trap and in this connection, it has crushed terrorism to a great extend, controlled gas shortage and overcome energy crisis, adding that these would help in strengthening economy.
The minister offered all political parties to agree on formulating a charter of economy, putting aside playing politics on economy and economic indicators and figures, prompting Sherry and Swati asked him to say in clear terms why he is talking of such charter when the budget is to be presented in about two weeks.
They wondered why the government does not pay heed to their recommendations and proposals on this subject much earlier and why it wants to talk about it now when its term is about to end. "This is extraordinary that the government is talking about the charter now. The matter is not new," Sherry said and again asked what exactly the economic situation is in the given time.