Pakistan confronts with ‘Devaluation-driven disaster’ Dar

ISLAMABAD, Jun 30 (INP): Former Finance Minister Ishaq Dar said that Pakistan was confronted with ‘Devaluation-driven disaster’ that is damaging the entire fabric of the national economy.

In a statement issued from London, he claimed that the ‘Selected Govt’ is responsible of it. He said, he strongly believes that devaluation is a mother of all evils.

The country is now trapped in a vicious circle, and with every passing day, economic miseries of the common man are getting worse, he added.

The currently, he further said, could not be controlled with artificial measures, rather it needed to get it linked with well-planned monetary policies. The economic disaster is inevitable, if the devaluation goes with such a fast speed.

He referred to the experience of the past Malaysian government that faced with the same situation, due to continued devaluation.

Dar alleged that the present government has pushed the country to a devastating stage, since there is around dollar 3,500 billion further increase in the debt burden on the national economy, due to devaluation of Pak rupees in the recent days

He urged that it was a high time to take some administrative and corrected fiscal steps to safe the country from the economic debacle.