Loans borrowed in 10 years: PML-N lawmakers slam govt for setting up inquiry commission

Pakistan Muslim League-Nawaz (PML-N) lawmakers in the National Assembly Saturday came down hard on the government for constituting a commission to probe into the loans borrowed during the last 10 years, saying the loans taken during past martial law and civilian governments should also be probed.
Taking part in the budget debate, Pakistan Muslim League-Nawaz (PML-N) leader Shahid Khaqan Abbasi severely criticised the government for forming a high-powered commission to hold probe in order to find out a rise in public debt over the last decade.
Expressing objections to the move, he asked how the members of National Accountability Bureau (NAB), Inter-Services Intelligence (ISI) and Intelligence Bureau (IB) can question the Parliament and the budgets passed by the House.
"The people who have no basic knowledge about the economy will now review the decisions of Prime Ministers, Parliament and cabinets," he lamented.
Abbasi also expressed scepticism over the ambitious revenue target of Rs 5,550 billion set by the government in its proposed budget, saying the government has been unable to collect Rs 4,000 billion in the outgoing year and how it will achieve a target with an additional Rs 1,550 billion.
"The only way to achieve the fiscal year 2020 revenue target is by further increasing inflation and prices of electricity and gas and depreciating the rupee even more," he added.
He pointed out the difference between the amount of money allocated for interest payments in the 2019-20 budget and last year's budget, adding the previous government was paying Rs 1,400 billion interest on the foreign loans.
"This government has allocated Rs 2,900 billion for interest. This budget has been drawn up by the International Monetary Fund (IMF)," he declared.
Expressing concern over the deteriorating situation of the economy, the PML-N leader said: "Only one year ago, the GDP [gross domestic product] was around 6 percent and inflation was 4 percent. Within 10 months, the growth has narrowed by 50 percent and inflation has increased by 100 percent."
"If this is the state of economy in 10 months, what will happen in five years?" he said, adding, "The dire economic situation is the result of incompetency of rulers."
"Because of the incompetence of the government, we had to reduce our defence budget... These rulers have put the country's national security at stake," he lamented.
Abbasi was also critical of the government's decision to include those people in the tax net who earn more than Rs 50,000 a month, calling it "unjustified". The former premier said that the government has lost the confidence of the masses.
"Can you justify the imposition of [additional] taxes with your luxurious lifestyle and expenditures?" he asked. "The people will not pay taxes until the rulers pay taxes."
Abbasi also urged the speaker to issue the production orders of two more MNAs who are currently under arrest. He was referring to Mohsin Dawar and Ali Wazir, who are currently under police custody and are facing multiple charges including murder, attempted murder and interference in the official affairs after the May 26 Kharqamar check post incident in North Waziristan.
About the formation of the commission, PML-N leader Sardar Ayaz Sadiq said all the martial law regimes should also be investigated in order to find out where they spent money which they borrowed from the international monetary agencies.
He said the opposition was ready to work with the government on national issues for betterment of the country. "I beg Mr Niazi to act like a prime minister as he is no more a layman...if Modi is not taking your calls, don't call him again for the sake of the country's dignity," he added.
He urged the government to revise its decision regarding withdrawal of zero-rated facility to the industry to bolster the exports of the country, adding instead of the last 10 years, the commission should probe all the loans taken by the previous regimes.
Sadiq said the government had reduced the education and health budgets. He said the government had brought down tax slab rate for salaried class, which would in fact decrease their salaries.
Balochistan Awami Party's (BAP) MNA Rubina Irfan raised objections over the government's proposal to deduct provinces' share in the National Finance Commission (NFC) Award in order to allocate more funds for the development of erstwhile Federally Administered Tribal Areas (FATA).
"Balochistan's situation is similar to that of the tribal areas," she complained, expecting support from the Pakistan Peoples Party (PPP), Muttahida Qaumi Movement (MQM) and PML-N.
She also lamented that while gas from Sui fields was being provided to Azad Kashmir, Balochistan was still facing load shedding for up to 16 hours.
"The people of Balochistan want equal rights," she said, demanding that a committee comprising all 20 MNAs from Balochistan be formed to discuss the budget with the government.
Sanaullah Khan Mastihel of PTI said those who looted the country must be held accountable without any discrimination.
He criticised the previous governments for destroying the national institutions including PIA and Pakistan Steel Mills.
Sabir Hussain Qaim Khani emphasised the need for utilising the natural resources to strengthen the economic structure of the country. He thanked the federal government for earmarking funds to establish a university in Hyderabad.
Mir Munawar Ali Talpur of PPP said the government had failed to overcome the economic crisis. He said PPP was ready to cooperate with the government to uplift the country's economic situation. He voiced concern over the increased value of dollar against rupee.
Taking part in the debate, Minister of State for Parliamentary Affairs Ali Muhammad Khan said the goals of progress and prosperity could only be achieved by laying the foundation of democracy on the golden principles of Islam.
He said, "The entire world is now turning its direction towards Islamic banking system and we too will have to convert our banking system into Islamic banking.
We have to get rid of usury-based banking system." He added that many Muslim countries including Malaysia, Turkey and Sudan had moved towards Islamic banking.
Khan said Quaid-e-Azam Muhammad Ali Jinnah wanted to run the country on the principles of Islam and teachings of the Holy Prophet (PBUH), but some people were not ready to act upon his secular thoughts while others were trying to hide his golden words about Islamic principles. He said Prime Minister Imran Khan also wanted to build Pakistan on the principles of the state of Medina, for which the opposition especially the clerics should extend their support.
"Every government, including ours, wants to prepare a people-friendly budget but for the first time in 70 years, this government would fully implement the budget," he added.
Sikandar Ali of PPP termed the budget anti-poor. He also demanded that salaried class earning up to one hundred thousand rupees monthly should be exempted from tax.
Syed Javed Husnain of PML-N said the government should promote tourism and agriculture sectors to get rid of foreign debts. He said the government should pay special attention towards the welfare of farmers and formulate a proper policy with regard to agriculture.
Parliamentary Secretary for Railways Farrukh Habib said that current account deficit reduced due to prudent policies of the government. He said the government would provide soft loans worth Rs 100 billion to the youth to uplift their living standard.
He said the world community was looking at Pakistan as an investment hub due to effective strategy of the government. He appreciated the Armed Forces for voluntarily reducing their budget. He suggested that the government should take constructive steps for promotion of textile sector.
MNAs Shaista Pervez, Saifur Rehman, Makhdoom Mustafa Mehmood, Riazul Haq, Zile Huma and others also took part in the budget debate. Meanwhile, MNA Ali Muhammad moved a resolution and the House unanimously adopted it. The resolution says: "The government should yearly make arrangements as part of National Seerat Conference, in second week of Rabi-ul-Awal to send an official delegation, consisting of members belonging to parliamentary parties, including Khateeb-Imam Jamia Masjid, Parliament House, to be nominated by the speaker for Ziara-e-Khas of the Prophet Muhammad (Peace Be Upon Him) at his Roza Mubarik to pay homage on behalf of the people of Islamic Republic of Pakistan in recognition and gratitude of his blessing for the humanity."