Drop in inward dollar flows to hurt PKR: Imran

Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan accused the coalition government of focusing solely on closing its corruption cases worth millions of rupees rather than taking steps to control inflation spinning out of control. He expressed these views while addressing the participants of PTI's 'Haqeeqi Azadi' march in Dina, Khushab, Peshawar and Chakdara through a video link from the provincial capital.

While decrying the economic meltdown, the former premier said that the country was seeing record inflation and the government was least concerned about it. He accused the government of wrapping corruption cases after passing a law.

"Giving itself an NRO was the hallmark of this government's achievement since coming into power," he added. While drawing a gloomy picture of Pakistan's economic situation, the PTI Chairman reiterated that the country was heading to default as the government has no money to repay the loans.

"Today, Pakistan's rate of default risk has jumped to 80 percent which sends a message to foreign banks that we cannot return loans. Hence, they would be reluctant to give Pakistan loans," he added. According to him, since remittance, exports and tax collection have seen a considerable drop in the past seven months, dollar inflows have dried up. Hence, this will add more pressure on the Pakistani rupee. Moreover, economic instability will compel local investors to prefer dollars over investing in new ventures in Pakistan, further devaluing the currency. The end result will be more inflation, unemployment and widespread poverty in the country.

Khan also highlighted the decline in agricultural output and industrial sector. "As per the finance committee on agriculture, yields of major crops, including cotton, corn, rice and sugarcane, will see a significant decline next year due to an increase in the cost of agricultural inputs, which include tractors, urea, and fertiliser. The expenses of farmers had increased during the current government's tenure," he added.

"The combination of the above factors was drying our national wealth and thus how will we pay back our debts," he questioned, adding that Pakistan would have to pay a heavy price for seeking foreign assistance to avoid default; Pakistan's national security will be compromised.

"Thus, the only way forward for us is free and fair elections. This is the only solution that can bring out the country from the current mess created by this government," he said, adding that through the PTI's long march, the people have given a clear message that the rulers imposed on them were not acceptable to them. "In the recent bye-election, the nation showed their resentment against the imposed rulers by overwhelming voting for the PTI," he added.

Talking about the government's decision to amend the Pakistan Army Act 1952, the former prime minister claimed that it was an effort on the part of the rulers to appoint an army chief who could serve their interests and hide their corruption.

He feared that the current rulers might flee the country after completing their agenda of closing all the corruption cases opened against them. He accused the rulers of serving their interests only and not the country.

"Their sole concern was not the country but closing their corruption cases and annihilating the opposition," he added. Khan again castigated a media house for "airing a concocted story against him" and vowed to expose its propaganda. He revealed that in addition to London and Dubai, he has also decided to file a legal suit against the media house in the United States; "I will expose them, which under the guise freedom of speech was spreading propaganda and thus pursuing personal interests".

Meanwhile, during his meeting with a select group of journalists here, the PTI Chief observed that there was panic and confusion in government circles over the appointment of army chief.

He admitted that they had differences with the establishment over the removal of former Punjab Chief Minister Usman Buzdar: "if he was removed on their request, our Punjab government would have fallen."