Former finance minister Shaukat Tarin has urged the government to buy cheap Russian oil amid record inflation and seek concessions from the International Monetary Fund (IMF) during the time of historic floods that have displaced of 33 million across Pakistan.
“We should also approach Russia and purchase oil at discounted rates, and give relief to the people,” he said while addressing a presser at the Karachi Press Club.
“The government should seek relief from the IMF in wake of recent flooding,” the former finance minister added.
PTI senator said that the rise in inflation would increase government debt servicing by Rs1.5 trillion.
“The present government in its four months has raised the country’s debt by Rs9.7 trillion, whereas the US dollar has started to appreciate against PKR. This will add to the pressures on the already downtrodden common man. The government would impose more taxes, as they have accepted the harsh conditions of the IMF, which will have a ripple effect,” he said.
Mr Tarin lambasted the PDM government performance, saying the Consumer Price Index (CPI) based inflation rate has hit 27.3% in August, while the Sensitive Price Indicator (SPI), recorded an increase of 45.50% and that too without factoring in the flood impact.
“Electricity rates have increased from Rs16 last year to Rs38, and if we add the adjustments it has been raised to Rs50 per unit. Moreover, gas charges are to be raised by 53%, as per the IMF’s latest conditions,” he added.
