News Analysis |
Speaking at a public gathering at Kot Momin, the former Prime Minister Nawaz Sharif said, “Pakistan’s economy is deteriorating, prices of fuel and general commodities are increasing, which was not the case in my tenure.” He reiterated that the people [judges] who ousted him are responsible for the country’s economic woes, while calling the present scenario pre-election rigging. “In my tenure, Pakistan was on the path to prosperity” he said.
It should be noted that the former prime minister has claimed credit for economic development across the country before as well. In May of 2017, while addressing a public gathering in Chichawatni district of Punjab, he said that the PML-N government was launching development projects all cross the country. He also alleged that the KP had been ruined in the past few years.
The decisions of judges have little to do with the country’s macro-economic standing. Perhaps, instead of blaming other politicians or the judges of the Supreme Court, the former Prime Minister needs to explain how decisions made by the government during his tenure have led to a declining economy.
The price of High Speed Diesel has been increased by Rs 5.92, petrol was increased by Rs 2.98 per from February 1st, 2018. The price of kerosene oil has been increased by Rs 5.94 per liter from Rs64.32 to Rs 70.26 per liter and the price of Light diesel oil by Rs. 5.93.
This correlates with the rise in oil prices globally. According to Nasdaq, oil prices were as low as $56 per barrel in December of last year. They rose up to $66 per barrel towards the end of January and then dropped to $61 per barrel a couple of days ago. It is startling that a former Prime Minister instead of educating and informing the public on key issues they face, choses to mislead them. There’s little the Pakistan government can do to manipulate international oil markets in its favor.
Read more: Price of petroleum to hit highest point in three years
Oil comprises the major share of the country’s import bill. Oil imports rose by nearly 35 per cent year-on-year to $2.03 billion in the first two months of 2017. The share of oil in Pakistan’s total import bill in the July-Aug period in 2017 was 21 %, according to figures compiled by the Pakistan Bureau of Statistics. Furthermore, Pakistan’s net public debt crossed the Rs18.28 trillion marks, rising by about 35 % during the tenure of the ex-Prime Minister whereas it stood at Rs 13.48 trillion in fiscal year 2012-13. This put a lot of pressure on the country’s balance of payments.
The decisions of judges have little to do with the country’s macro-economic standing. Perhaps, instead of blaming other politicians or the judges of the Supreme Court, the former Prime Minister needs to explain how decisions made by the government during his tenure have led to a declining economy.