Economy not to run on Benami accounts, TTs: Hammad Azhar

ISLAMABAD: Minister of State for Revenue Hammad Azhar Thursday said the country  will no more run on undeclared (Benami) accounts and Telegraphic  Transfers (TTs) as it was in safe hands now.

Lashing out at the opposition leader in National Assembly, he said  there was economic hitman in the House who had raised the country’s  Current Account Deficit up to a dangerous level of $20 billion.

Responding to criticism by the opposition leader in the National  Assembly, he said despite taking loans of over $18 billion, the Foreign  Exchange Reserves of the country plunged to $9 billion from $18 billion  in last year of PML-N government.

He questioned that where had $10 billion gone.“Have that money gone  abroad through money laundering, to Iqama holders’ accounts, to Benami  accounts, or to accounts of “Falooday Walas”, he said, expressing the  government’s resolve to make all such corrupt elements accountable  according to the law.

Earlier, opposition leader Shehbaz Sharif dispelled the impression that  during PML-N tenure, expensive LNG-based power projects were installed  in the country.

He said that at that time, NEPRA determined tariff of LNG based electricity at  10.50 cents per unit while the PML-N government started the project of 5000 MW electricity at 6.5 cents.

“The impression given by the Minister for Power Division regarding installing expensive power generation projects was not based on reality” he added.

He also criticized the government for devaluation of Pak rupee against dollar  and said that due to the devaluation, the country’s debts would be increased  by Rs 700 billion.

Shehbaz Sharif said that the price hike and uncontrolled inflation had badly  affected poor, farmers and labour community.

He said that devaluation had also affected the defence budget.