‘Darnomics’ inflicts catastrophic damage on Pakistan’s economy: Hammad

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) General Secretary Central Punjab and former federal minister Hamad Azhar said that Darnomics has once again inflicted catastrophic damage to Pakistan’s already teetering economy, as rupee plunged to an all-time low at Rs255 against the US dollar in the interbank market, plunging by around Rs25 after the government ended its control over the rupee-dollar exchange rate.

Addressing a press conference here on Thursday, he said that local currency was trading at Rs255 against the dollar during intraday trade, which clearly showed the finance minister’s incompetence and inaptness.

He said that whenever Ishaq Dar became the finance minister, he always tried to fix the exchange rate, but it always proved counterproductive, resultantly the country and its people paid heavy price for his flawed economic approach.

Hammad said that Dar had wasted $32 billion in 2016/17 just to keep the exchange rate at 105, but he could not control it, as the dollar reached to 117 against rupee instantly when Miftah Ismail took the charge as acting finance minister.

He said that when PTI government was ousted, dollar was trading at 182.93, adding that if the autonomy of the State Bank had been intact and political stability maintained, the dollar would have hardly reached 200 against rupee.

Hammad said that the rupee fast depreciated due to the political and economic disaster of the last 9 months and situation would be deteriorated further in next few months because no financial institution and donor was ready to hold talks with this transitional government.

He warned that due to flawed and wrong economic policies of Dar and Miftah Ismail, the country could face serious shortage of essential goods including food, raw materials, industrial materials and even essential medicines, besides hyperinflation.

He said that these two so-called economists inflicted irreparable damage to the country’s fast booming economy, which was growing at a rate of 6 percent during PTI government.

Talking about the illegal detention of PTI Senior Vice President Fawad Chaudhry, Hammad said that the entire world saw the terrible face of this regime the way they presented Fawad before the court whose face was covered with a cloth.

“They brought Fawad like he is a terrorist, and criminal roams free. I want to clearly state here that Fawad is Pakistan’s hero now,” he added.

He said that Fawad always spoke about freedom of press, democracy and supremacy of law, besides he was the most powerful voice of civil rights and minority rights.

However, he made it clear that they could not dent the repute and status of Fawad through their shameful act and behavior, but he it further increased his respect and popularity and emerged as a hero that was the obvious reason that all the channels received instructions to downplay his case.

Talking about Pervaiz Elahi’s remarks, Hammad said that he was our best ally, but he must bear in mind that PTI was the popular political force across the country because it changed the course of Pakistani politics altogether.

“If PTI today has a huge vote bank throughout the country, it’s because Imran Khan has defeated the old type politics. We knew difficulties will come after dissolution but we are ready to render any sacrifice for the larger state interest,” he added.

He said that the dream of truly independent country cannot be achieved through compromises, bargaining, political expediency and NROs.

“The country is being destroyed and our conscience does not allow us to enjoy the governments,” he maintained.

He said that all the political parties which were still pursuing traditional style of politics of political expediency, power politics, conspiracies and politics of NROs were fast losing their political capital.

PTI leader stated that Imran Khan’s popularity was due to his being an unconventional politician, as PTI did not believe only in power politics.

He said that clinching to power was the not the ultimate objective of the PTI but its struggle was meant to turn Pakistan into a welfare and independent country in real sense where people from all walks of life could enjoy their fundamental rights.

PTI leader stated that only Imran Khan could opt treading on such a difficult path as other self-centered and power greedy politicians could not give such sacrifice.

Hammad stressed the need for holding a snap elections, as the country could only be get out of the prevailing quagmire after attaining political stability, which was only possible through free, fair and transparent polls.

He said that the PTI did not want anything from the establishment and other state institutions but respect of the public mandate so as to put end on this uncertain situation in order to put the country on the path of prosperity and progress.


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