ISLAMABAD: Federal Minister for Power Umar Ayub said on Wednesday Opposition leader Shehbaz Sharif attacked his own Pakistan Muslim League-Nawaz (PMN-N) by rejecting the budget 2019-20.
Speaking during a National Assembly session here at the federal capital after Shehbaz’s rejection of budget, the minister said the nation has to pay Rs30,000 billion worth of deficit and the in the last decade, loans amounting to Rs24,000 bn were taken by the previous governments.
Ayub said will have to pay the Rs3,000 bn deficit in form of interests and will collect Rs5500 bn worth of revenue. He said between 2008-2013, there was a 100 per cent increase in currency printing and there was a decrease in exports in the past ten years instead of increase.
Ayub said the previous governments exhibited criminal negligence towards the economy and they took loans and printed money due to which inflation increased. He said the foreign exchange policy of PML-N led government was faulty and till now PML-N spent $24 bn to provide artificial support to the dollar.
Ayub said previous governments did go to the International Monetary Fund (IMF) on more than one occasion. He said the current deficit now amounts to $20 bn.
Ayub said the armed forces reduced their budget by Rs176 bn which benefitted the finance ministry for which I salute Pakistan Army.
Ayub said 20 per cent of electricity will be renewable till 2025 and up to 70-75 per cent sources of power will be gained from national resources.