Tag: Former finance minister

  • ‘I don’t think PML-N can clean sweep in elections’: Miftah Ismail

    ‘I don’t think PML-N can clean sweep in elections’: Miftah Ismail

    Former Finance Minister Miftah Ismail has cast doubts over his party’s ability to sweep the upcoming general elections. In an interview with Geo News, the disgruntled Pakistan Muslim League-Nawaz (PML-N) leader said that he believed whether Pakistanis have Pakistan Tehreek-e-Insaaf (PTI) Chairman Imran Khan, PML-N supremo Nawaz Sharif, Pakistan Peoples Party (PPP) Co-Chairman Asif Ali Zardari or martial law, nothing will improve the system until “we make systemic changes”.

    Talking about the upcoming general elections, Miftah said that he doesn’t see any party sweeping the elections; however, the PML-N leader was sure that he “absolutely does not see PML-N sweeping the elections.”

    Miftah said that any political party be it PML-N, PPP or PTI needs to talk to the people of Pakistan asking them about their real problems and needs.

    “When you hear the leaders today, you hear them say that I want to be the prime minister, there is one leader who is more into I, me and myself than others but it is all about them,” he said.

    “Nobody is talking about the people of Pakistan. What about the 60 per cent of people who earn Rs40,000 a month? What about the young people who cannot find jobs? What about the people living in rural areas? What about an average Pakistani child failing in science and mathematics,” he asked.

    Declaring that nobody is talking about real solutions, Miftah Ismail slammed politics as “just a fight for power, nothing else.”

    There are no new ideas and absolutely no competence, he maintained.

  • Pasha warns inflation may increase to 70% if Pakistan defaults

    Pasha warns inflation may increase to 70% if Pakistan defaults

    Former finance minister Dr Hafiz Pasha on Tuesday warned that inflation in Pakistan may soar to 70 per cent in the event of a default.

    Pasha predicted that Pakistan’s general economy would likely continue to experience severe stagflation in 2023. He was speaking to members of the Pakistan Industrial and Traders Associations Front (PIAF).

    Due to the International Monetary Fund (IMF) stringent requirements, inflation will still increase to at least 35 per cent even if the loan from international lender is restored, according to Express Tribune.

     “If the government implements the key reforms agreed with the IMF, including a Rs50 levy per litre on POL, an electricity tariff hike of 40 per cent, doubling of the gas tariff, and shift to market-based exchange rate policy, the inflation rate could exceed 35 per cent,” Pasha cautioned.

    If the government does not implement the agreed reforms, he said, “It will lead to a termination of the IMF programme and will virtually dry-up the country’s capital.”

    According to Pasha, Pakistan’s reliance on pricey foreign loans has been disastrous. The nation’s debt in the first 65 years was $65 billion. In the following seven years, as we increased our reliance on costly loans with high interest rates, this amount increased to approximately $130 billion.