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The government has lost confidence and asks us for help after the IMF fiasco, says Shaukat Tarin – Business

Former finance minister Shaukat Taryn on Sunday said the incumbent government lost “authority” before the International Monetary Fund (IMF) as such struggling make a deal, claiming that “now they are looking for help from us”.

Taryn’s comments come in in background of in coalition government ongoing negotiations with IMF over release of tranche of US$1 billion under the Enhanced Funding Facility, progress has been slowed down by concerns about pace of economic reforms in the country.

Earlier this week, Finance Minister Miftah Ismail told the IMF during talks that government understood current economic crisis and agreed that he would have to take “tough decisions”while mitigating of inflation on middle and low-income groups.

At a press conference in Today in Karachi, Tarin rejected the claims of the PML-N in charge of coalition government that PTI government refused on his promises made with IMF. “We, in fact, renegotiated the deal. But the IMF doesn’t trust it new government and now they ask us to help.”

The ex-minister said PTI wanted strong intermediate government be in place and hold elections. “When the intermediate government have, will help them and show them way forward,” is he added.

Taryn also said government was struggling to run affairs.

He stressed that democracy needs consistency and that people’s will was for five years, saying: “If someone breaks this cycle, there will be a reaction.”

He called “the powers that be” allow elected governments complete there are five of themyear term, which he says will good for continuity of democracy.

Taryn was of in view that Imran Khan took the brunt by “refusing to take dictation” for in first any leader’s time in 72 years old.

Economic comparisons

Taryn then compared economic performance of PTI government’s tenure and five years of PML-N from 2013 to 2018, and said “the incompetent and elected government” is a frequently used PTI refrain opponents to describe him – defeated his rival on every economic indicator.

Speaking of the “feats” achieved by PTI during his tenure, he quoted the Pakistan Bureau. of Statistics, as they say current government showed GDP growth rate by 5.97% for in current fiscal year”and in the relevant period of the third year of PML-N last government, growth rate stood at 4.5%, and next year it reached 4.6%.

He went on say export during PML-N government went below $10 billion, and at the end it was $24 billion. of term of office. “We took up to 32 billion dollars”.

He recalled that PML-N leaders complained that current the account deficit will exceed $20 billion, but this currently at $15 billion.

“They have had left reserves at $9.8 billion, and we left them at $11.4 billion and at the time of no-confidence movement, it was a lot higher.”

former minister emphasized that PML-N had adopted new debt of $45 billion in his tenure while PTI government took 34 billion dollars. “On what basis do they claim that they are better than us?” he asked.

He said India reduced oil prices by 25% a day ago after the deal with Russia that Pakistan agreed to before being expelled of Imran Khan. However current rulers “do not have the courage to provoke anger of Uncle Sam”. He repeated the statement that was made Imran on Twitter the day before.

Taryn also took exception governments decision prohibit import of luxury items considered insignificant. He said decision could be limited to a few of itemsBut the imposition of a total ban on Wide range of items It has left everyone is afraid.”

“If I were in their place, I would ban several items for six months and increased fees on Other items including dried fruits, etc.”

He also called for updating the entire system to accept forward country, saying: “I do not believe that this government going to provide any relief people.”

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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