Foreign exchange reserves dipped by $6b in two months, says Asad Umar

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar has said that since the no-confidence motion the foreign exchange reserves of the State Bank of Pakistan have dipped by more than $6b.

While addressing a press conference along with PTI leaders in Islamabad, he said that the depleting reserves are putting the rupee under pressure which lost Rs15 against the dollar.

Asad Umar said that the country had a bumper output of four major crops last year, the industry grew by 10.6percent and the exports increased by 26percent.

He credited the PTI’s policies for these bumper crops, adding at the time when food prices are rising all over the world, former PM Khan’s “farmer-friendly policies” resulted in a record output of four major crops.

Umar also credited Khan for the 26 percent growth in the country’s export last year and said that the former premier focused more on exports more than any other prime minister and made them a central part of his economic policies.

Umar said during the last year of the PTI government, the production of electricity increased by ten percent.

“But since the [current] government came into power, worst load shedding started in the country,” said Umar.

Outlining the previous government’s achievements, Umar said the economy was improving before a “foreign-sponsored no-confidence motion” was moved in the Parliament.

He blamed the current government for high inflation, which Umar claimed, was highest in 11 years.

He also reminded Finance Minister Miftah Ismail of his criticism when the previous government hiked the petrol prices.

“Miftah [Ismail], you said who could afford Rs137 per litre petrol and that the PDM wouldn’t allow the [PTI] government to increase even a single rupee on petrol,” he added.

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