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Pakistan Interior Minister Rana Sanaullah on Wednesday slammed former prime minister Imran Khan-led Pakistan Tehreek-i-Insaf's (PTI) government and said it has wasted precious four years of the country.
Addressing an Eid Milan party in Faisalabad, Sanaullah said PTI played havoc with the economy through most unstable and everyday changing tax policies, which plunged the country into the quagmire of inflation, Radio Pakistan reported. The Interior Minister said PTI only painted a rosy picture and made false promises which proved a total failure, the Pakistani newspaper reported. He said the burden of foreign loans had become unbearable only because of the ill-conceived policies of the PTI. Meanwhile, in its recent 'Pakistan Development Update', the World Bank has highlighted the structural weaknesses of Pakistan's economy which include low investment, low exports, and low productivity growth cycle. Further, high domestic demand pressures and rising global commodity prices would lead to double-digit inflation in the country, reported Islam Khabar. Moreover, the growth momentum is not expected to pick up in Pakistan in the near future as a sharp spike in the import bill would also impact the Pakistani Rupee adversely. The World Bank report cites the financial sector's inadequacy as one of the reasons for this low growth. According to the Standard & Poor's Ratings Global Financial Literacy Survey 2015 (S&P Global FinLit Survey), only 26 per cent of the adults in Pakistan are financially literate. Thus, limited financial literacy in Pakistan is concerning for the investors as it has exacerbated the informality challenge in the country. (ANI)
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