Comparison with last PML-N govt: PTI govt incurs 48pc less external liabilities: Finance

ISLAMABAD: Finance Ministry has claimed that present government led by Pakistan Tehreek-e-Insaf (PTI) incurred 48 percent ($15 billion) less external liabilities in first 9 quarters of (June 2018-September 2020) than Pakistan Muslim League (N) government last nine quarters (March 2016-June 2018) despite 78 percent more debt servicing.

Adviser on Finance Dr Abdul Hafeez Shaikh made a comparison between last nine quarters of PML-N government and first nine quarters of PTI led government. The graph shared by Hafeez Shaikh to media showed that PML-N government had added $24.8 billion net external debt from March 2016 to June 2018 while PTI added $18.5 billion to net external debt from June 2018 to September 2020.

State Bank of Pakistan (SBP) Reserves had contracted by $ 6.3 billion during the period under review of Pakistan Muslim League (N) tenure while foreign exchange reserves improved by $2.4 billion during the first nine quarters of the present government. Overall liabilities impact, the adviser said, had been $31.1 billion during PML-N government last two years and one quarter as compared to $16.1 billion of present government tenure.

The adviser added that despite the challenges posed by Covid-19, Pakistan's industrial sector registered growth and in LSM, textile production & auto-sales are on the rise. Year-on-year industry wise LSM growth in September 2020 showed 21 percent growth in non metallic mineral product, followed by autos 28 percent, pharmaceuticals 20 percent, paper and board 12 percent, food 10 percent, fertilisers 8 percent, chemicals 8 percent and rubber 15 percent.

The adviser said that vehicles sales was also on the rise with 29 percent growth in car sales during October 2020 over the same month a year before after car sales was increased from 10,853 units to 14,054 units.

Sale of motorbikes and 3-wheelers also witnessed sizeable increase of 12 percent as their sales increased from 156,872 units to 175,294 units. Sale of tractors increased from 2861 units to 4482 units, showing a growth of 67 percent and trucks and buses from 349 to 388 with 11 percent increase.

Copyright Business Recorder, 2020