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Sunday, October 2, 2022

PTI left $22 billion foreign reserves despite Covid while PMLN left $14 billion

PTI government left $22 billion in liquid foreign exchange reserves compared to $14 billion left by PMLN in 2018 as per the Domestic Markets and Monetary Management Department.

The central bank had foreign exchange reserves of $15.831 billion and commercial banks $6.451 billion on March 11 — before the political instability ensued due to no trust motion — thus bringing the country’s total foreign exchange reserves to more than $22.283 billion.

Pakistan Tehreek-e-Insaf (PTI) government led by Imran Khan has left 22 billion in the treasury which is the record reserves ever left by the leaving government and that despite Covid-19 pandemic and premature ending of his government.

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Moreover, the newly elected Prime Minister Shehbaz Sharif in his inaugural address announced 10% increase in the government employees salaries and pensions. He also announced in his address that the minimum monthly wage has been set at Rs 25,000 since April 1.

On the second day of the PMLN government, however, the salaries increase was cancelled and Miftah Ismail said that the salaries were increased just one month ago by Imran Khan government.

Miftah Ismail who is expected to be the Finance Minister for the Shehbaz government said that the Fiscal Deficit is record high and that the new government have 6 Percent of GDP Budget Deficit which will increase inflation and will have to be transferred to the nation.

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But it was denied by Hammad Azhar the former Finance Advisor saying that the budget deficit is now 6 percent of GDP compared to 6.6 percent in the PMLN government.

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