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Alarming debt crisis top priority for new Shehbaz Sharif government in Pakistan

1 month ago 98



NEW DELHI: Newly elected Prime Minister of

Pakistan

, Shehbaz Sharif highlighted country's alarming

debt crisis

on Sunday.
While addressing the financial crisis in the country, Sharif said that even the expenditures of the National Assembly were being paid by borrowed money.
"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 further added.

According to a report by Dawn, the PML-N leader highlighted that out of the Pakistan Rupees (PKR) Rs 12,300 billion generated by the country, Rs 7,300 billion is given to the provinces under the National Finance Commission award and the government faces a whopping Rs 7000 billion deficit due to services charges worth 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?"

He replied that the biggest challenge faced by Pakistan is that all of the expenditure is being afforded via loans only.
"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 further said that the perpetrators of the May 9 riots will not be forgiven, vowing action against all those who were involved in the violence.
The Pakistan National Assembly on Sunday elected PML-N leader Shehbaz Sharif as the 24th elected Prime Minister of the country in a session that started with Sunni Ittehad Council (SIC) members creating a ruckus by shouting slogans.
Pakistan National Assembly Speaker Sardar Ayaz Sadiq announced that Shehbaz Sharif has been elected Pakistan's PM as he secured 201 votes while Pakistan Tehreek-e-Insaf (PTI) leader and Sunni Ittehad Council (SIC) candidate for prime minister, Omar Ayub Khan, received 92 votes.
He announced protests by the SIC lawmakers, the report said.

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