Web Desk
The Pakistan Tehreek-i-Insaf (PTI) party has criticized Finance Minister Ishaq Dar, describing the budget as an “Instagrammable budget” and accusing him of manipulating figures by Rs1 trillion in interest payments. The PTI claims that, for the first time in Pakistan’s history, the amount of interest on loans has exceeded the expected government revenue, which could lead to a series of mini and micro budgets in the upcoming financial year.
The PTI alleges that some announcements, such as salary increases, have been made to retain the vote bank, while the proposed increase for the Benazir Income Support Programme is nominal. Hammad Azhar, a PTI leader, stated that all targets set in the budget are artificial and unrealistic, similar to the previous year. He criticized the finance minister for not presenting a plan to reduce inflation or revive the sinking economy.
Azhar stated, “All targets in this budget are artificial and not realistic like last year.” He emphasized that targets related to economic growth, tax collection, inflation rate, imports, and remittances were merely included to balance the budget and had no basis in reality.
Furthermore, he accused the government of figure fudging, particularly in the amount of interest payments and non-tax revenue, amounting to Rs1 trillion. He highlighted that the finance minister failed to present a strategy to tackle inflation or address the declining economy, with industrial production dropping by 25% in the last two months due to import restrictions on raw materials.
Azhar also commented on the new external debt target of $8.5 billion in the budget, stating that achieving it would be difficult without assistance from the International Monetary Fund (IMF). He criticized the opposition parties, particularly the PDM government, for prioritizing political interests over the economy and neglecting effective decision-making.
Describing the budget as “Instagrammable,” PTI’s financial expert Muzammil Aslam expressed skepticism about the measures taken. He noted that it would be the first time in history that interest liabilities on loans would surpass the country’s total income. He criticized the budget for focusing on populist measures, such as significant salary and pension increases, while neglecting crucial programs like the Ehsaas Programme (BISP). Aslam predicted a series of mini and micro budgets, suggesting that the new government would be compelled to revise the budget.
