PML-N leader predicts \u201cdoomsday-like\u201d inflation will grip the country starting December 1
\n Islamabad
\nTerming the alarming upsurge of the value of the US dollar against the rupee a sign of \u201ceconomic devastation\u201d, Leader of the Opposition in the National Assembly Shahbaz Sharif on Saturday said significant fluctuations in the rupee-dollar parity are due to the \u201clack of a sound economic policy\u201d in the country.
\nThe local currency on Friday closed yet again above Rs175 \u2014 near its all-time low against the US dollar.
\nAccording to a statement issued by the party, the PML-N president stated that when the finance ministry refutes the statement of its adviser and \u201cfalse data\u201d is released, then the \u201ceconomy collapses like this\u201d.
\nWhile a record-high trade deficit is a \u201cdangerous sign of economic catastrophe in the country\u201d, a historic high current account deficit is \u201cevidence of economic misdirection\u201d, he said.
\nShahbaz further highlighted that public debt, inflation, current account deficit, rupee-dollar parity have all surpassed previous negative records.
\n\u201cIf a people-chosen government was in power, this would not have been the case,\u201d he said.
\nWarning that the country has been pushed into an \u201ceconomic abyss\u201d, he said that \u201cif nothing is done soon, recovery will become another impossible thing\u201d.
\nThe PML-N president said \u201cdoomsday-like\u201d inflation would grip the country from December 1, as the dollar hike was \u201cadding fuel to the fire of inflation\u201d.
\n\u201cEconomic devastation\u201d is like a \u201cpoison\u201d for a nuclear powered Pakistan, the PML-N president said, pleading the government to \u201copen its eyes\u201d.
\nHe said that the economic catastrophe currently prevailing in the country will create such a situation where everybody will forget about other issues, including the Financial Action Task Force (FATF).
\n\u201cPakistan\u2019s patriotic elements must think about the economic devastation the country is hurtling towards. Time is passing us by very quickly,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
PML-N leader predicts \u201cdoomsday-like\u201d inflation will grip the country starting December 1 Islamabad Terming the alarming upsurge of the value of the US dollar against the rupee a sign of \u201ceconomic devastation\u201d, Leader of the Opposition in the National Assembly Shahbaz Sharif on Saturday said significant fluctuations in the rupee-dollar parity are due to the […]<\/p>\n","protected":false},"author":2,"featured_media":225441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[181,651,722,360],"class_list":{"0":"post-229700","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-dollar","9":"tag-economy","10":"tag-rupee","11":"tag-shahbaz-sharif"},"yoast_head":"\n