Shahbaz terms hike in government's debt 'alarming'

PMLN President and National Assembly opposition leader Shahbaz Sharif while expressing alarm over the staggering increase in the government debt has said that this exponential spike from Rs 1.210 trillion to a baffling Rs 32.997 trillion over just the past 7 months has spelled a doomsday scenario for Pakistan.

In a statement, Shehbaz said PTI government's agenda of economic destruction of Pakistan is a horrific message for the country and its people. He said that the 10 percent increase in short-term and long-term loans is nothing short of an armageddon for the country. He pointed out that the increase of short-term foreign debt from Rs 126.9 billion to Rs 641.9 billion is a testament of catastrophic policy making. He said this government is slashing at the throat of Pakistan's economy with a double edged sword.

The National Assembly Opposition Leader said at one hand businesses have come to a grinding halt due to the insanely high interest rates while at the other the country is under massive pressure to come up with its due payments. He said the only way out of this situation is to pray God for help because the government is too incompetent to deal with this crisis it has brought upon Pakistan.

Shehbaz said if this government does not understand and deal with the consequences of a single-layer 7 percent drop of the stock market, it will lead to an irreversible disaster for Pakistanis. He warned that the new coronavirus, international economic turmoil and the government sleeping at wheel will bring a Tsunami of economic annihilation. The country is running on a stuttering autopilot while the government is snoozing which is heading the nation down an irrecoverable pit.

The PMLN President said that instead of understanding and taking on the grave crisis at hand the PTI government is busy minting money by generating wheat, sugar crisis and jacking up the prices of medicine and devaluation of currency. He said the rulers are getting richer while the nation is getting poorer by the hour. These mounting challenges to the economy are posing a threat to Pakistan's sovereignty and security.-PR