Pakistan Justice Movement (PTI) leader Imran Khan claimed that the Sharif and Zardari families have been "looting" the country for 30 years, and that these people are also responsible for the current economic meltdown.
Experienced developments and accusations reminded us of similar processes in Turkey!
Pakistani Justice Movement (PTI) leader Imran Khan, in a statement on Twitter, blamed the Sharif and Zardari families for the current economic picture, which he said had been "looting" the country for 30 years.
Prime Minister Sharif, on the other hand, responded to Khan on Twitter, arguing that corruption increased during Khan's reign and stated that the people paid the price for Khan's bad economic management.
In Pakistan, the Cabinet of Ministers approved the decision on the urgent sale of state assets to foreign countries and the abolition of all procedures in this process in order to close the financial deficit of 4 billion dollars.
According to the news in the newspaper The Tribune Express, the "Intergovernmental Commercial Transactions" decision was approved by the cabinet meeting under the chairmanship of Prime Minister Shahbaz Sharif.
The decision includes the urgent sale of state assets to foreign countries, the removal of all procedures and regulatory controls in this process.
Among the removed procedures are 6 laws regarding the process of selling such assets. However, the decision still needs to be approved by President Arif Alvi.
It is stated that with this step, the government wants to close the financial gap of 4 billion dollars pointed out by the International Monetary Fund (IMF).
Pakistan signed a $1.17 deal with the IMF on July 14. However, the IMF stated that Pakistan has a financial deficit of 4 billion dollars.
SHARES TO THE UNITED ARAB EMIRATES
With the decision, it is aimed to obtain 2-2.5 billion dollars by selling the shares of oil and gas companies and state-owned power plants to the United Arab Emirates (UAE). In May, the UAE rejected Pakistan's new loan offer because Islamabad failed to repay previous loans.
Instead, it was stated that the Abu Dhabi administration offered to buy 10-12 percent stake in Pakistan's companies. Miftah Ismael, Minister of Revenue and Finance of Pakistan, said in a statement on 17 July that a privatization process took 471 days and the government urgently needed funds.
Ismael stated that they will receive oil receivables, the payment of which is deferred for 1.2 billion dollars from a friendly country, and that another country will invest 1.5-2 billion dollars in stocks.
"Another friendly country may supply natural gas, whose payment is deferred, and another country will put some deposits," Ismael said.
COUNTRY IS GOING THROUGH ECONOMICALLY DIFFICULT TIME
The Pakistani rupee has lost 8.3 percent in the last week due to the political atmosphere in the country. This was the highest depreciation since November 1998. International credit rating agency Fitch Ratings changed Pakistan's credit rating outlook from stable to negative on July 19. In the statement made by the credit rating agency, the significant deterioration in Pakistan's external liquidity position and financial conditions since the beginning of 2022, the decrease in foreign exchange reserves and political risks were cited as the reasons for the revision of the country's credit outlook to negative.
REACTION FROM KHAN TO THE GOVERNMENT
Pakistani Justice Movement (PTI) leader Imran Khan reacted to the removal of all procedures for the urgent sale of state assets to foreign countries by the "import government appointed by the US conspiracy" in a statement on Twitter.
Claiming that the Sharif and Zardari families have been "looting" the country for 30 years, Khan noted that these people are also responsible for the current economic meltdown.
Prime Minister Sharif responded to Khan on Twitter, claiming that the PTI leader "suffered from amnesia". Sharif, arguing that corruption increased during Khan's reign, stated that the people paid the price for Khan's bad economic management.