LAHORE, Dec 26: Chiding the government for launching a “maligning” campaign through media against politicians, the PPP claimed on Wednesday that economic indicators during its second rule (1993-96) were the best.

Punjab PPP president Qasim Zia told a press conference here that the results could have been even better had his party been allowed to complete its tenure in 1996.

Quoting statistics obtained from three government departments, he said, GDP, agriculture and total investment growth rates, foreign investment and foreign exchange reserves had been better during the 1993-96 PPP rule than during the two PML tenures, four caretaker setups and the present military government.

According to the statistics, a copy of which was given to reporters, GDP growth rate during the last nine years was the highest, 6.76 per cent, in 95-96. Similarly, agricultural growth rate was 11.72 per cent, total investment growth rate 16.42 per cent during the same year. Foreign investment was $1,306 million, while foreign exchange reserves (both cash and gold) touched the mark of $3.25 billion during the same period.

These five economic indicators were 2.27 per cent, -5.27 per cent, 13.80 per cent, $306 million, and $1.36 billion, respectively, during the first PML tenure in 1992-93, and 4.30 per cent, 7.33 per cent, $601 million, and $1.73 billion during the second PML tenure in 1997-98.

Under the current military rule, the five key economic indicators were 2.6 per cent, -2.5 per cent, 2.5 per cent, $322 million, and $2.65 billion in 2000-2001.

Mr Zia said these facts proved that economic nose-dive started after the PPP government was dismissed in November 1996.

“Wrong economic priorities, Mughal-style projects, ill conceived economic policies, loss of investors’ confidence and freezing of foreign currency accounts by the last PML government contributed to the economic nose-dive,” he said, adding half-hearted policies of the present government were also responsible for the economic catastrophe.

The overall economic growth rate was 3.5 per cent and 2.5 per cent in 1999-2000 and 2000-2001, respectively, and it was the lowest during the last decade, he said.