ISLAMABAD: The opposition leader in National Assembly Omar Ayub on Wednesday issued a stark warning that the country’s oil reserves could run dry in just 10 to 12 days, underscoring what he called the government’s catastrophic economic collapse and ruthless political manoeuvring.
Speaking at a presser flanked by senior Pakistan Tehreek-e-Insaf (PTI) leaders Asad Qaiser, Senator Ali Zafar, Zartaj Gul, and others, Ayub tore into the government’s “flawed and inflation-fuelling” budget – accusing it of squeezing citizens with billions in fresh taxes while bungling the nation’s already precarious finances.
He further revealed a jaw-dropping admission by the Federal Board of Revenue (FBR) of a multi-billion-rupee miscalculation – a fiscal blunder that threatens to deepen the country’s economic abyss.
Ayub also alleged the government continues to conspire against PTI lawmakers despite “stealing” the February 2024 general elections and riding to power on a rigged mandate.
“The installed regime of Shehbaz Sharif remains obsessed with election rigging,” Ayub declared, pointing to the Punjab Police’s blatant manipulation during the recent by-elections in Sialkot to favour a government-backed candidate – an act he branded as “shameful” and a direct assault on democracy.
The opposition leader did not hold back on the government’s crackdown on dissent either, accusing it of stifling opposition voices and tightening control over the media – highlighted by the censorship of PTI lawmakers’ speeches during the budget debate and blackouts of press conferences on critical national issues, especially the faltering economy.
In a dramatic revelation, Ayub disclosed that three of his nomination papers were mysteriously rejected ahead of the last year’s polls and alleged that election results were tampered with after 2am – a blatant undermining of democratic norms.
Asad Qaiser condemned the current administration as “born out of Form-47 manipulation,” blasting the government’s media blackout of opposition members while ruling party officials bask in prime airtime.
Senator Ali Zafar added to the chorus, warning that even the Senate Chairman Syed Yousaf Raza Gilani is being sidelined in what he described as a “serious institutional meltdown.”
Meanwhile, PTI launched a scathing attack on the government’s targeting of former Prime Minister Imran Khan’s family – particularly his wife, Bushra Bibi – while dismissing the recent visits by foreign delegations as mere “luxury trips” that delivered no tangible benefits to Pakistan.
With jail terms dragging on for key PTI figures, including cancer patient Dr Yasmin Rashid, PTI leaders vowed to fight back hard, pledging to win the ongoing battle for “real independence” as envisioned by the jailed party founding chairman, Imran Khan.
In a separate presser, PTI spokesman Sheikh Waqas Akram, alongside MNAs Usman Mela and Mubeen Jutt, raised concerns over Pakistan’s widening primary income deficit and escalating national debt.
Citing economic reports, Akram said the deficit, currently estimated at $7.1 billion annually, is being driven by increased profit repatriation by foreign companies and declining returns from Pakistani firms abroad. This growing gap, he warned, is intensifying pressure on the country’s external accounts.
Mubeen Jutt claimed that Pakistan’s total debt has surged to Rs76 trillion, up from Rs44 trillion three years ago when PTI was in power. He said that domestic banks now hold Rs51 trillion of this debt, while foreign banks account for Rs25 trillion.
According to Jutt, annual interest payments total Rs7.5 trillion to local banks and Rs800 billion to foreign banks. Despite the central bank’s policy rate being slashed from 22 per cent to 11 per cent and maintained at that level, domestic debt remains elevated – raising alarm among economists.
Usman Mela criticised the recent budget’s tax measures, which reduced levies on banks lending to the government but increased taxes on individual loans. “The average borrower now faces a tax rate of 25%, up from 10%,” he said, calling the policy regressive.
He noted domestic debt has nearly doubled from Rs28 trillion prior to the IMF programme to Rs51 trillion. While a three per cent interest rate cut could save Rs1 trillion annually, projected savings remain limited, with Rs7 trillion in interest payments expected this year.
“There appears to be disproportionate benefit to banks, with ordinary citizens effectively paying much higher rates,” Mela said, also questioning official projections of 9% industrial growth, citing a lack of on-ground expansion.
Copyright Business Recorder, 2025