The Pakistan Tehreek-e-Insaf (PTI) has demanded the resignation of Finance Minister Ishaq Dar, urging him to apologize to the nation for the disastrous consequences of his policies. The PTI accused Dar of unleashing an unprecedented wave of inflation, pushing it to a record-high 38%, and plunging the economy into a state of crisis. With zero percent growth and the State Bank of Pakistan reserves plummeting below $4 billion, the country teeters on the edge of default.
A spokesperson for the PTI expressed deep concern over the current economic state, highlighting the grim picture painted by the Economic Survey FY2023. The spokesperson criticized the previous government, known as PDM, for their failure to stimulate economic activity, resulting in a standstill and a meager growth rate of 0.3% in the current year.
“The epic failure of the PDM government has led to a ‘never-seen-before’ crisis,” the PTI spokesperson declared. Unemployment skyrocketed, leaving eight million workers without jobs, pushing the unemployment rate to a staggering 10%. The dire situation pushed nearly 18 million households below the poverty line, trapping them in an abyss of hardship.
While Dar attempted to deflect blame with obscure statistics and tales, the PTI spokesperson stressed that no one was buying his excuses. The International Monetary Fund (IMF) refused to engage with the PDM government, global markets closed their doors to Pakistan, and even members of Dar’s own party openly questioned his credibility.
“The epic failure of his ‘Dar peg’ policy showcases his complete lack of understanding of markets and economic policy,” the spokesperson admonished. The policy had pushed the economy to the precipice of default, with the State Bank of Pakistan’s reserves standing at a mere $3.9 billion, insufficient to cover a month’s worth of imports. This was a stark contrast to the $10.5 billion in reserves during the vote of no confidence.
In contrast, the PTI spokesperson highlighted the remarkable economic performance achieved under the PTI government. Recent revisions by the national accounts committee revealed a robust growth rate for the previous years, with estimates of 5.8% and 6.1% for FY2021 and FY2022, respectively. These revisions put to rest the lies propagated by the PDM government regarding the PTI’s economic accomplishments. The PTI had become the only government since 2007 to achieve two consecutive years of average 6% growth.
The spokesperson lamented that the PTI government, had it been allowed to complete its term, would have delivered on its promise to create 10 million new jobs for the youth. However, the success of the PTI government had threatened the PDM government’s grip on power, leading to their desperate attempts to overthrow Prime Minister Imran Khan’s administration and sabotage the progress made.
“Despite the financial wizardry of FM Dar, he still cannot hide the epic failures of his government,” the spokesperson concluded. Regressive tax measures, inexplicable import restrictions, and the crowding out of the private sector in credit markets were blamed for the path of destruction, plunging the growth rate from 6.1% to zero. Deliberate sabotage of the IMF program under Dar’s leadership eroded confidence, with neither development partners nor friendly countries willing to engage with Pakistan.