ISLAMABAD: Former PM and PTI chairman Imran Khan said he and his finance minister Shaukat Tarin had warned the “neutrals” that the “fragile economic recovery would go into a tailspin” if the conspiracy against the PTI government succeeded.
Through his Twitter handle, Imran said: “Rupee is at all time low, at Rs193/$ (from Rs178 on March 8); interest rates is up _ to 15 per cent highest since 1998, stock market is down 3,000 points or 6.4pc; stock market has lost Rs604 billion market capitalization; inflation is also at 13.4pc, the highest since Jan 2020.”
He went on to say that the numbers reflected the “lowest-ever confidence in the imported government”.
“Market awaiting policy and action which imported government has failed to provide. Both myself and Shaukat Tarin had warned the ‘neutrals’ that if [the] conspiracy succeeded, our fragile economic recovery would go into a tailspin,” he said.
Govt’s indecision eroding confidence
Imran’s remarks come as the Pakistan Stock Exchange and the rupee have both come under pressure over the past few days as the new coalition government has failed to take decisive economic decisions.
Earlier today, the greenback climbed above Rs193 in the interbank market, reaching a new all-time high and breaking its previous day’s record of Rs192 mark. This was the fourth consecutive day the dollar rose to a record high against the rupee.
Analysts and experts have linked the economic pressure to uncertainty over the continuation of the International Monetary Fund’s (IMF) loan programme coupled with a rising oil import bill and widening trade deficit.