Finance Minister Asad Umar on Wednesday (April 3) said that we have to fill the big gap of debit and the country is near bankruptcy. “You are going to the IMF with these massive debts in toe for a bailout. We have to fill the big gap,” adding, “if you look at the numbers from PMLN time, there was double-digit inflation during PMLN time which we have thankfully not hit as yet” he said.
“If you look at the past, inflation affected all stratas of society equally. In fact the poor had higher levels of inflation affecting them. In our tenure this has seen a different trend with the poor feeling relatively less inflation as compared to higher income groups,” he claimed.
“You’re saying all my policies are like Ishaq Dar, Ishaq dar says I’ve destroyed the economy! During his time, for the first time in Pakistan’s history our exports didn’t grow,” he said, “Dollar has climbed because of past economic policies that have led to such huge losses for us as a country. “It’s a basic demand and supply situation.”
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
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