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Pakistan

Hammad, Dar clashes on social media over Pakistan economy

Federal minister Hammad Azhar defended his government’s economic policies. Former finance minister Ishaq Dar s
06 Feb 2020
  • Federal minister Hammad Azhar defended his government’s economic policies.
  • Former finance minister Ishaq Dar says that the current government has 'a little idea of how the economy works.'

As challenges marred Pakistan’s economy, the economic giants of the ruling Pakistan Tehreek-e-Insaf (PTI) Federal Minister for Economic Affairs Hammad Azhar and the opposition Pakistan Muslim League-Nawaz (PML-N) Ishaq Dar clashed on social media over Pakistan economy.

The verbal clash kicked off when Hammad Azhar defended his government’s economic policies, in response to a comment made by a journalist.

“If it was so simple than why Moody's downgraded Pak economy when it was growing at 5pc and upgraded it now? Growth bubble based on highest ext deficits, depleting forex reserves took Pakistan near default and its economy in ICU. Let patient stabilise before expecting it to sprint,” tweeted Azhar, while replying on Pakistan’s GDP growth forecast.

To this, the former finance minister Ishaq Dar joined the discussion slamming the current government for its economic policies, saying that Hammad Azhar have 'a little idea of how the economy works.'

“Tabdeeli Sarkar has interned a growing economy into ICU from day one, bringing down the Growth from 5.5pc to 2.4pc  by administering doses of (1) 40pc devaluation; (2) Doubling interest(Policy) rate to 13.25pc; (3) Imposing new taxes of Rs750bn (which was lied on the floor of the House by as Rs500bn and for which he was promoted as full minister); (4) Highest ever fiscal deficit of 8.9pc GDP; (5)first time ever SBP’s hundreds of billions rupees annual profit converted to loss; (6) Sharpest increase in a decade of inflation from 4pc to 14.6pc, with food Inflation rising from 1.6pc to 23.8pc,” highlighted Dar in a series of tweets.

Dar said that current economic scenario “is all because of PTI’s gross negligence, mismanagement and sheer incompetence.”