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Pakistan recovers from default as inflation drops by 28%

Pakistan recovers from default as inflation drops by 28%
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December 30, 2024 (MLN): Pakistan has been saved from default, with inflation reduced from 32% to 4%, and the government's focus is now on ensuring stability and fostering growth.

Federal Minister for Information and Broadcasting, Attaullah Tarar, said during a press conference that everyone acknowledged the country's economy was stabilizing, and even the founder of Pakistan Tehreek-e-Insaf (PTI) had admitted it.

Compared to last year, prices of essential items were coming down, and petrol prices had reduced but why things in Khyber Pakhtunkhwa were not improving, according to the Ministry of Information and Broadcasting.

All micro-economic indicators were improving in the country under the dynamic leadership of Prime Minister Shehbaz Sharif, he added.

“Is it not a responsibility of the Khyber-Pakhtunkhwa government to set up price control committees besides appointing price control magistrates at tehsil and union council levels, Attaullah Tarar questioned.

Prime Minister said that all political parties had their manifestos under which they had contested general elections.

He said that Pakistan Tehreek-e-Insaf was in government in Khyber Pakhtunkhwa for almost 11 years adding that during the last ten months, misgovernance and corruption were witnessed in Khyber Pakhtunkhwa.

While sharing a white paper regarding the performance of Khyber Pakhtunkhwa government he highlighted financial corruption along with financial irregularities.

Tarar said that the metro bus in Lahore was started to facilitate the common man, but the initiative was termed ‘Jangla Bus’ by a certain person and later the model was replicated in Peshawar.

He said that certain people were in the habit of taking U-turns.

The information minister said that financial irregularities in the KP government were estimated at Rs152 billion.

While giving details of the financial losses, Attaullah Tarar said there were fraudulent payments worth Rs 130 million.

An estimated Rs84bn was identified as misclassified expenditures, while suspicious disbursements were calculated at Rs510mn.

He said the financial irregularity was caused due to non-seriousness and zero focus on governance.

The federal minister said the PTI provincial government was hatching conspiracies and making hue and cry.

About the debt crisis, the minister said KP’s overall debt burden was Rs725bn, adding that if it would not be addressed, it would surge to Rs2,555bn by 2030.

He said, “Annual debit servicing costs Rs355bn equivalent to the province’s development budget.”

He said that the KP government did nothing in more than one decade, no dam was constructed and even not a single unit of electricity was produced in Khyber Pakhtunkhwa.

What is the mistake of the people of Khyber Pakhtunkhwa and why relief was not transferred to people, Attaullah Tarar questioned.

He said that KP universities amendment bill 2024 had centralized control under Khyber Pakhtunkhwa chief minister, undermining academic autonomy and facilitating political appointments.

The information minister said that teachers were protesting on roads in Khyber Pakhtunkhwa.

He said that 50 illegal appointments had been made to Nowshera Medical Complex despite anti-corruption notices adding that under tourism mismanagement Rs2.68bn was misappropriated in KITE project.

Regarding police reforms, the minister said if the reforms were implemented, why law and order situation was so bad in Khyber Pakhtunkhwa.

He said that Rescue-1122 vehicles were used in PTI political protests unfortunately diverting emergency resources.

The cost inflation in DI Khan and Bannu projects increased from Rs100mn to Rs2.6bn just because of misuse of funds, he maintained.

He further said that unfortunately, KP witnessed increasing violence, especially in the Kurram district. He said instead of focusing on the people of Kurram, the PTI government had been focusing on attacking the federation.

The KP had nothing to say about the fake driving license scandal, timber mafia scandal, bus rapid transit corruption, and poor governance.

He said that the biggest problem of Khyber-Pakhtunkhwa was its Chief Minister Ali Amin Gandapur, his party, and leadership.

Responding to a question, he said the PPP wanted to make Sindh a modern province.

He said the government was focusing on the country’s growth and soon Prime Minister Shehbaz Sharif would speak on the economic agenda.

He said, “Dialogue is meant for ensuring political stability.”

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Posted on: 2024-12-30T16:09:38+05:00