LAHORE: Expressing concern over record trade deficit of over US$5 billion recorded in the current month, Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif said on Wednesday this figure shows that the country has collapsed economically.

“Trade deficit of over US $20 billion just in the first five months of the current financial year (FY) was a clear-cut proof of an imbalance between the country’s imports and exports,” Shehbaz said, adding: “Latest statistics showed that the US dollar was exerting pressure on Pakistani rupee, thus causing the latter’s price to plummet further.”

He said now each dollar is equal to Rs180; inflation is increasing by the day, which is not a good sign for the country at all. “The country, instead of moving forward, is going backwards. The economy is in reverse gear,” Shehbaz said, adding: “The levy of 17 percent additional General Sales Tax (GST) on different items recently will further increase the price hike.”

Shehbaz said that elsewhere in the world; the GST is slashed to keep inflation at bay but unfortunately, opposite was the case here. He asked the government to quit rather than playing with the nation’s future.

Copyright Business Recorder, 2021