KARACHI: “We will ensure the supremacy of law if we came into power, which is evident after by-election results,” said Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan.

Speaking at a seminar on “Economic Performance & Challenges Ahead”, organized by PTI Central wing at a local hotel, he said that there was no need to run elections campaigns to come into power, as it was evident after the by-election results that we would come into power.

Furthermore, he said that the ongoing economic crisis could not be controlled without rule of law and political stability, demanding free and fair elections.

Admitting his mistake to announce an amnesty scheme without any specific condition, he said that amnesty should be given against investment in the industries.

Khan said that the Current Account Deficit (CAD) was the biggest challenge when his party came into power in 2018 and the exports sector was neglected, which he termed as the only source of wealth creation.

Recalling the challenges in 2018, he said that the country was on the verge of default, which was avoided with the financial assistance given by Saudi Arabia and China.

Referring to the ongoing economic crisis, he disclosed that he conveyed a message to ‘the neutrals’ through Shaukat Tarin that if ‘the conspiracy of regime change’ succeeded, the economic crisis would get out of control.

“The investors’ confidence has shaken as no one can predict anything about economy for even the next three months. The confidence of the investors can only be restored through elections because the country cannot be dragged out of the current economic crisis without political stability,” he said.

He termed the real estate dealers as the biggest ‘mafia’ in the country, saying that the land worth Rs. 1200 billion was grabbed by this mafia in Islamabad and they also have deep roots in other parts of the country.

Moreover, the PTI chairman said that overseas Pakistani had no confidence in Pakistani authorities due to their past experiences; adding that if PTI came into power, the supremacy of law should be ensured to regain the confidence of overseas Pakistani in the country’s justice system.

He was of the view that Pakistan should have sealed a deal with Russia for oil imports because the country was facing energy-driven inflation, saying that if they were in power, they would have convinced the United States in this regard.

Earlier, former finance minister Shaukat Tarin in his speech said that political instability and regime change derailed the country’s economy. Presenting a comparative analysis through his presentation, he said that the PTI government was forced to go to IMF because of stagnant exports, decreased agriculture, CAD US$ 20 billion, and a seven percent fiscal deficit.

Similarly, CPI rose to 27 percent from 12.7 percent, SPI (YoY) to 43 percent from 13 percent, exports declined by 19 percent, and IT, textile, remittances, and Roshan digital account are also witnessing negative growth by 21 percent, 8 percent, and 65 percent, respectively, he informed and added that unemployment increased by 22.5 percent.

Furthermore, he said that the market, investors, and friendly countries were not willing to bet on the present government.

He said that the growth fundamentals were destroyed by higher interest rates since 1998 and added that the electricity and energy prices were now doubled from March 2022.

Tarin said that the exchange rate depreciation by Rs43/$ or 25% in 5 months and added that it would be a miracle to produce even 2% growth as the economy had already been showing signs of contraction.

He said that the country needed a stable government to restart the process of undertaking inclusive and sustainable economic growth, which was only possible through fresh, free, and fair elections.

Asif Qureshi, Co-Founder Optimus Capital said that the economy was crumbling under the weight of the energy sector as the energy imports were around US$ 26 billion in FY 2022 and the power sector circular debt was roaming around Rs. 2300 billion.

He said that restructuring of the legal framework, rationalization of tariffs, indigenous energy supply, privatization of public sector energy companies, and electrification of energy use can bring sustainability to energy sector.

Saleem Raza, Jamshed Cheema, Azfar Ahsan, and Mattias Martinsson also spoke.

Copyright Business Recorder, 2022