ISLAMABAD: The Pakistan Muslim League Nawaz (PML-N) on Tuesday issued a white paper on ‘wrong’ economic policies of the government, claiming that the Pakistan Tehreek-Insaf-led government was not only politicising the economy but its directionless policies were also leading to unemployment and poverty.

The white paper was released here at a briefing titled “Clarion Call — Rescue Economy’ where PML-N secretary general Ahsan Iqbal also accused the PTI leaders of being involved in corruption.

“The government’s wrong policies and the act of obtaining record amount of loans in the history of the country have brought Pakistan to the brink of destruction,” he said.

On the other hand, he said, the government machinery could not produce a single evidence against the PML-N (leaders) regarding corruption and embezzlements, but its focus was only at criticising the previous government.

Referred to “mega projects worth billions of rupees executed during the previous PML-N government”, Mr Iqbal said that the PTI government’s claim to have fostered economic growth was based on false assertions.

IMF programme will lead to joblessness, rise in poverty & inflation, say party leaders

Other speakers at the event said that massive concessions had been given by the government under the International Monetary Fund (IMF) programme leading to rise in poverty. They warned that this situation might lead to chaos and unrest in the country.

They said that the government even tried to impose their wishes on bureaucracy and the finance secretary was changed during negotiations with the IMF because he raised objections to the Fund programme arguing that it was not in the interest of the country. Similarly the Federal Board of Revenue chairman and the State Bank governor were also removed.

Aisha Ghaus Pasha, former finance minister of Punjab, claimed that the IMF programme would result in loss of around 2.5 million jobs and add 14 million more to 94m Pakistanis living below poverty line.

“This is because the [IMF] programme is ‘ill conceived’ with massive adjustment in the first year,” she said. “The speed of adjustment and intensity of the programme have more than the required pace and the choice of instruments and policy action were not required.”

Ms Pasha said that wrong policies of the government would lead to an increase in overall debt and inflation in the country.

She said that the government could have saved one million jobs and prevented people from falling below poverty line by stabilising dollar-rupee exchange rate and by allowing a realistic increase in discount rate, instead of managing it at five per cent.

Published in Dawn, December 18th, 2019