PM Shehbaz Sharif Highlights Pakistan’s Economic Crunch

Shehbaz Sharif, Pakistan’s newly elected prime minister, brought attention to the nation’s dire economic situation on Sunday, claiming that even the National Assembly’s expenses were being covered by borrowed funds, as Dawn reported.

Shehbaz Sharif, the leader of the Pakistan Muslim League-Nawaz (PML-N), bemoaned the dire debt situation the nation is currently experiencing.

“But if we decide to do a deep surgery and bring changes in the system, basic reform…and I have no doubt that Muhammad Nawaz Sharif, Asif Ali Zardari, and others will agree that we can either get rid of a life of debt or we move forward with heads down in shame,” he said.

“No this will not happen, we will rise and we will make Pakistan self-sufficient,” he added.

In addressing the nation’s financial crisis, the PML-N leader pointed out that of the Rs 12,300 billion in Pakistani Rupees (PKR) that the nation generates, Rs 7,300 billion are awarded to the provinces under the National Finance Commission’s award, and the government is facing a staggering Rs 7000 billion deficit as a result of service charges that can total up to Rs 8,000 billion.

“Where will the money come for development, health, and education sectors? From where will the armed forces’ government employees’ salaries be paid?”

In response, he said that Pakistan’s largest problem is that all of its expenses are covered only by loans.

“All this is being afforded via loans throughout the years…This is the biggest challenge faced by the country today,” he said.

“All of our salaries are being paid via taxes. Does such a situation warrant such hooliganism?” he added.

He went on to declare that the May 9 rioters would not be pardoned and to take legal action against everyone connected to the bloodshed.

In an assembly that began with members of the Sunni Ittehad Council (SIC) raising shouts, the Pakistan National Assembly elected PML-N leader Shehbaz Sharif as the nation’s 24th prime minister on Sunday.

Speaker of the Pakistan National Assembly Sardar Ayaz Sadiq said that Shehbaz Sharif had won 201 votes to become prime minister. Omar Ayub Khan, the leader of the Sunni Ittehad Council (SIC) and leader of the Pakistan Tehreek-e-Insaf (PTI), obtained 92 votes.
He announced protests by the SIC lawmakers, the report said.