During a session of the National Assembly on Friday, the Pakistan Muslim League-Nawaz (PML-N) leaders on Friday jeered at the incumbent government over massive depreciation in the value of the Pakistani rupee against the US dollar.
PML-N leader Murtaza Javed Abbasi criticized the government over the poor exchange rate, saying the ruling PTI used to criticise PML-N’s finance minister Ishaq Dar for keeping the US dollar stable through “artificial means”.
“I challenge the government to bring the US dollar to Rs100, even temporarily,” he said, alluding to the record depriciation in value of the Pakistan rupee against the US dollar.
Economic Affairs Minister Omar Ayub Khan while repsonding to Abbasi said that the PML-N took loans to the tune of $23.6 billion to keep the rupee stable. “The government is still paying $9.9 billion interest on these loans,” he stated.
It is pertinent to note that on Thursday, the Pakistani rupee saw a decline as the currency dipped 0.28%, or Rs0.49, against the US dollar in the inter-bank market, touching a fresh all-time low of Rs173.96.
During the NA session, PML-N stalwart Khawaja Asif also grilled the government and the State Bank of Pakistan (SBP) Governor Reza Baqir, over the latter’s remarks regarding the depreciation of the rupee.
According to Asif, the central bank chief said that the fall in the value of the rupee benefitted the overseas Pakistanis and their families. “What will happen to the 220 million Pakistanis living in the country,” Asif questioned the SBP governor.
The PML-N leader said Baqir was a “representative of the IMF [International Monetary Fund] who will return abroad after the job is done”. Baqir destroyed Egypt’s economy first now it is Pakistan’s turn, he alleged.
The session was adjourned indefinitely by the NA speaker after Pakistan People’s Party (PPP) leader Naveed Qamar pointed out the quorum.
During the session, the details of the China-Pakistan Economic Corridor (CPEC) were also tabled in the house. The planning ministry officials said that currently 39 projects worth $25 billion had been started under the CPEC. Some of them have been completed whereas work is in progress on some, they added.
