ISLAMABAD: The opposition PTI has criticised the government for dragging the economy from a robust growth rate of over 6 per cent to a negative trajectory and shrinking the purchasing power of average Pakistanis by 58pc since the “regime change” was enacted.

The party’s Central Information Secretary, Sheikh Waqqas Akram, said in a statement on Sunday that the economic condition of ordinary Pakistanis has never been as dismal and alarming as over the past three years, putting Pakistan into a worst debt trap.

He said that the government claimed to have saved the country from bankruptcy, but in reality, it had plunged the nation into the worst debt trap from which they would never be able to extricate themselves.

He further stated that an individual earning Rs50,000 per month in March 2022 now has the purchasing power of just Rs20,833, while someone earning Rs100,000 back then is now effectively left with Rs41,666.

The PTI leader lamented that over 18 million Pakistanis were officially unemployed, with the jobless rate soaring to an unprecedented 22pc.

Waqqas says purchasing power down 58pc, debt at ‘historic high’

He warned that with oil prices rising from $64 to $75 per barrel, the current account and trade deficits would inevitably balloon. Mr Akram added, the rupee would face further depreciation and interest payments would surge, rendering the budget effectively dead on arrival.

He blasted the government for setting an unrealistic revenue target, stating that the new target of Rs14,131bn was once again unattainable and would further burden the people of Pakistan, especially at a time when the economy was contracting.

He dismissed the claim of pulling the economy out of peril as false and wishful thinking, pointing out that the IMF, in its May 2025 report, had categorically stated that Pakistan would need to enter another programme.

The PTI leader highlighted that both the IMF and World Bank have stated that Pakistan’s economy was shrinking, unemployment was rising and there was virtually no growth, He added that Pakistan’s economic survival currently depended on IMF support. “If you withdraw IMF support, Pakistan will collapse,” he added.

He noted that gravity of the situation could be judged from the fact that the Special Investment Facilitation Council brought a meagre amount of one billion dollar in investment to the country so far and that too from Barrick Gold, which speaks volume of its incompetence and ineffectiveness.

He stated that the only way to pull the country out of the prevailing, unprecedented hardships was through the release of PTI Patron-in-Chief Imran Khan, the conduct of free and fair elections, upholding the rule of law, strengthening an independent judiciary, ensuring freedom of speech, restoring genuine democracy, and adhering to the Constitution of Pakistan.

Published in Dawn, June 16th, 2025