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Foreign exchange reserves dipped by $6b in two months: Asad Umar

ISLAMABAD, Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar has said that since no-confidence motion the foreign exchange reservesof the State Bank of Pakistan have dipped by more than $6b.

Asad Umar has cautioned that the situation of Pakistan is only weeks away from the Sri Lankan economic situation lamenting that Prime Minister Shehbaz Sharif lacks courage to take any decision.

The former minister was addressing a presser alongwith PTI leaders in Islamabad on Sunday. Lashing out at the clumpy handling of the economic condition by the new government, Umar rued that day by day the economic crisis was getting worse and people’s sorrow was started turning into anger.

Umar said the country had bumper outputd of four major crops last year,

the industry grew by 10.6percent and the exports increased by 26percent.

“The sugarcane crop increased by a record 9.6percent, rice production

hit nine million tons after an increase of 10.7percent from last year,

the maize crop increased by 8.6percent and the potato crop increased by

34.8percent,” Umar said.

“No one can gag the dissenting voices after intimidating them. The

nation is awake and lava of anger is being boiled inside them. Let the

people decide about the future of Pakistan,’ Umar stressed, adding that

economic experts were warning that the condition of Pakistan was just

weeks away from what we had seen in Sri Lanka.

He said that former premier Imran Khan tried his best to save the people

from falling into quagmire of inflation. He claimed that the PTI

government adopted farmer-friendly policies. “And it’s because of PTI’s

good economic policies, a foreign conspiracy was hatched to bring the

no-confidence movement against its government,” he added.

The ex-development minister said that soon after the new government took

reins of power, loadshedding started to hit the country despite the fact

that the production of electricity was 10 times higher this year as

compared to previous year.

He said due to sagacious policies of the PTI government, the country

registered growth in several economic sectors. He said this year, our

growth rate would remain 6%; sugarcane crop grew by 9.6% as compared to

the previous year and there was a record increase in the maize crop this

year, all due to PTI economic policies.

He lamented that the inept rulers were ruining the economy saying that

the foreign exchange reserves had seen a dip of more than $6 billion

after the success of the no-confidence movement.

Expressing his doubt over the political acumen of the Prime Minister,

Umar said that Shehbaz Sharif did not have courage to take decisions on

his own.

He said, “Finance Minister Miftah Ismail is looking towards Shehbaz and

Shehbaz is looking towards Ishaq Dar, and Ishaq Dar is seeing towards

Nawaz Sharif, and Nawaz Sharif is gazing at Asif Ali Zardari. And no one

knows, to which direction Zardari has been looking.”

Umar was of the opinion that sorrow of people had been turned into fury.

He advised the government since the time was finishing, the only remedy

the government had at its disposal now was to announce date for the

general elections.

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