LAHORE: Pakistan Tehreek-e-Insaf (PTI) Central Punjab General Secretary and former federal minister Hammad Azhar has claimed that the country is close to default and the State Bank of Pakistan is not issuing letters of credit (LCs) to importers due to the non-availability of dollars.

While holding a press conference on Tuesday, he said during the tenure of the incumbent government the value of the rupee has fallen by 50 percent; “despite receiving dollars from the International Monetary Fund (IMF), the value of the rupee is falling”.

Hammad said “The inflation is out of control and it is not caused by the floods, and it is not coming down due to instability in the country. The government did not get anything from other countries. It also took a U-turn on the announcement of withdrawal of fuel adjustment charges on 200 units. At present, the economy is a mess.”

Hammad averred that the PTI prepared a plan for the next hundred days in advance, which will be executed once it comes into power. He said their government will again put the country on the path of industrialization after buying cheap oil from Russia.

He said “A present lot of ministers are not able to tell the public how they can get relief; 90 percent of people do not know who the federal commerce and industry minister is. The country is on the brink of collapse and the current government is least bothered about it. It has no plan to give relief to the hard-pressed people”.

He also warned that in near future there is going to be more shortage of flour as the federal government did not permit the relevant department to buy additional wheat. He observed that if the economy goes down, national security will be compromised. “Hence, there is no option but to send the present government home. Only general elections can end instability in the country,” he added.

Copyright Business Recorder, 2022