“Fascist Prime Minister Shehbaz Sharif-led government is desperate as it is heading towards its worst defeat in 75 years and its leaders are running around like headless chicken," according to sources close to ousted Prime Minister and Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan who spoke exclusively to CNN-News18.
“The elections are in six weeks. Khan has promised truth and reconciliation," said sources.
In his policy address, according to sources, Khan said that while he “knows" those who have tried to assassinate him, he “will forgive them".
“What I won’t forgive is the looting and plunder of public money," Khan said, according to the source.
‘HEAVY PRICE’
Pakistanis are paying a heavy price for the “conspiracy" of regime change, Khan said on Thursday as he once again tore into ex-Army chief Qamar Javed Bajwa for helping a “bunch of criminals" to come to power.
Khan slammed the government for “slaughtering" the Pakistani rupee, saying it has increased public debt and led to high inflation. “Rupee slaughtered – lost over 62% or 110/$ in 11 months of PDM. This has increased public debt alone Rs 14.3 trn & historic 75 yr high inflation 31.5%," Khan tweeted.
The foreign exchange reserves fell to a critically low level of USD 2.9 billion a few weeks ago. “Pakistanis paying heavy price of regime change conspiracy where a bunch of criminals have been foisted upon nation by ex COAS," Khan tweeted.
made PM. He has since proceeded to select heads of those institutions investigating his cases – first FIA & now NAB – simply to get his name permanently cleared in Rs 16 bn corruption & Rs 8 bn money laundering cases against him. This is how a country becomes a banana republic.— Imran Khan (@ImranKhanPTI) March 5, 2023
AWAITS IMF RELIEF
The cash-strapped country eagerly waits for the USD 1.1 billion package from the International Monetary Fund (IMF). Pakistan’s longtime ally China is the only country that has refinanced USD 700 million to Islamabad.
Pakistan’s central bank on Thursday hiked its key policy rate by 300 basis points to a 26-year high at 20 per cent, as the cash-strapped country scrambled to fulfil another demand by the IMF .
The development comes as the Pakistani rupee was in a freefall mode, sinking by Rs18.98 on Thursday compared to the greenback and touching its historic low of 285.09 against one dollar by the end of the day. The policy rate hike is 100 basis points higher than the financial market consensus of 200 basis points.
The State Bank of Pakistan (SBP) said in its monetary policy statement that it revised its inflation projection to 27-29 per cent for the current fiscal year against its November 2022 projection of 21-23 per cent for the year.
The Pakistani rupee also sank sharply by Rs 18.98 against the dollar on Thursday, with the local currency reaching a historic high of Rs 285.09 at close. A 6.66 per cent drop in the value of the national currency was witnessed in a single day, according to the data of the State Bank of Pakistan.
Pakistan finance minister Ishaq Dar tried to push back fears of a default on Thursday, given the jacked-up policy rate and the depreciating rupee. “Anti-Pakistan elements are spreading malicious rumours that Pakistan may default. This is not only completely false but also belies the facts. SBP forex reserves have been increasing and are almost USD 1 billion higher than four weeks ago despite making all external due payments on time," he tweeted.
The Pakistani government has shown a willingness to take unpopular economic decisions such as raising taxes, removing blanket subsidies, and artificial curbs on the exchange rate to secure IMF funding.
With PTI Inputs
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