Former PM, his team damaged economy beyond repair: PEW
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Record loans of $35 billion were taken in a few years
Profitable entities were gifted to friends at dirt cheap price
The Pakistan Economy Watch (PEW) on Monday said former Prime Minister Nawaz Sharif and his economic managers damaged the national economy beyond repair.
They raised attractive slogans of rapid national development, but left the country under the severe debt burden while their own assets multiplied with an amazing speed, it said.
Now the economy can survive only with the help of IMF otherwise the country will face default in the ongoing fiscal, said Senior Vice President of PEW Kashif Iqbal.
He said that Nawaz administration took loans worth 35 billion dollars, which haven’t helped the economy or masses, but helped the finance minister to multiply his fortunes while many other politicians also plundered the national resources.
Profitable entities were sold to near and dear ones at throw away prices, which must be probed as allegations have surfaced that some of the businesses were bought by the prime minister himself in the name of friends, he added.
Kashif Iqbal said that the trade agreements finalized during the tenure of former PM resulted in fall of five billion dollars in exports and 300 percent hike in imports which left the local industry reeling.
The trade deficit made a new record by hitting the mark of 32 billion dollars while the monthly current account deficit surpassed the limit of two billion dollars.
Some semi educated and corrupt people were appointed to key posts in many departments, including TDAP who used public resources mercilessly while billions were spent on useless and symbolic projects ignoring health and education, he said.
The former PM continued to advocate honesty and investment in Pakistan, but stashed illegitimate money worth billions overseas while the US and Indian spies were facilitated.
Former PM has been ousted by the Supreme Court, but he is not ready to accept the reality and continue to fan instability, he said.
