We all stood behind you. We all believed in you. We were jumping with joy at every economic betterment news you gave us in the past 4 years. We held our heads up high as Pakistanis around the world that perhaps our long overdue well deserving good times are about to come. CPEC aside, we thought our economy is growing and the figures that you were presenting to us were figures of optimism and joy. And then all of a sudden us Pakistanis received what us Pakistanis are used to, news that all those rosy figures were wrapped in thorns.
You took loans worth $ 2 billion dollars from the foreign banks without the knowledge of the cabinet or the parliament. $275 million from The Citi Bank. $700 million dollars from The Standard Chartered. $650 million dollars from The Credit Suisse. $40 million dollars from ECO Trade And Development Bank. $55 million dollars from Dubai Islamic Bank to name a few. The list goes on and on. Not even the members of your own cabinet knew about these loans before you took them in the name of us Pakistanis. An absolute violation of The Rules Of Business Act 1973.
You did not stop here. You gave Sovereign guarantees worth 563 billion rupees to institutions instead of subsidies and the reason sovereign guarantees are given is because these sovereign guarantees do not show up in the budget of Pakistan. So none of us knew about it. And the budget looked great.
Our trade deficit stands at above $32 billion dollars. Which is a 37% increase from last year. Current account deficit figures have risen to the point in the past 5 months to an alarming rate.
You took our total foreign loans without getting an approval from the parliament to above $83 billion dollars and domestic loans stand above $28 billion dollars. Foreign loans alone stand at a point where we need $8.2 billion a year to pay back. Almost 20% of our national budget will go to pay back loans. And god forbid Mr. Dar if the loans go above $100 billion, which will be almost 32% of our GDP, our repayment cost might cross $12 billion a year. And a developing country with a loan of$100 billion will have no choice but to declare bankruptcy.
Oh I forgot Mr. Dar, to mention that the circular debt has crossed 800 billion rupees. PSO is at the verge of bankruptcy if they don’t receive these funds.
No Finance Minister in the history of this world has hidden loan agreements from its cabinet or the Parliament. Not a single example of such a thing is there in the past 100 years of financial matters of any country. Our stock market is killing investors and you are busy spending 8 hours a day defending yourself in NAB. Yet the lust of power is so powerful that neither you will resign nor us powerless Pakistanis can make you resign.
Usually the way it goes in the world is that ONCE BITTEN TWICE SHY, here us Pakistanis have been TWICE BITTEN and still helpless.
Pakistan is more important than you. Pakistan’s financial stability for its 200 million people comes before you and I. It’s time that you surprise us just the way you surprised us by not letting any of us know how much loans you have taken on our behalf. Surprise us and give a resignation tomorrow morning. Your friend Hijazi of SECP is a living example before your eyes. Take a walk of honour while you can. While there is still time.
There is still time to save the Pakistani economy but it can not be you who can save it.
P.S. Oh, Should I expect another fake case on me through the SECP or another institution because I am exposing your lies so candidly ?
MediaBites Editorial – Courtesy: Mir Mohammad Ali Khan – #MirMAK
Pakistan First Media And Brand Website.
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