Govt fails to satisfy opp on rupee devaluation

Author: Staff Report

ISLAMABAD: Opposition senators walked out of a Senate session on Friday after the government allegedly failed to effectively respond to questions on recent rupee devaluation in the absence of Finance Minister Asad Umar.

In a calling attention notice, Pakistan People’s Party (PPP) Parliamentary Leader Sherry Rehman raised five key questions pertaining to the recent rupee devaluation and Pakistan’s spiraling economy.

“It is rather troubling that the finance minister is readily available for media appearances and has answered more questions in talk shows and press conferences than he ever has in parliament.”

Who is calling the shots on Pakistan’s economy, questioned the senator. “If Prime Minister Imran Khan does not know about such a huge devaluation, then who is in-charge and who will take responsibility?

She said, “Entire livelihoods were wiped out in the crash while they were celebrating their first 100 days in the government.”

“If the precipitous devaluation was not part of any International Monetary Fund (IMF) precondition to bring the rupee down to non-artificial rate, then why was it done in such a disastrous freefall in two crashes? Either way why was the managed float not graduated down slowly?” asked the former Senate opposition leader.

Rehman added, “If the current account deficit will be fixed by this adjustment via a more robust export sector why are all exporters saying that the crash is too steep and the comparative impact on imports is too high to help our exports?”

The senator also reiterated the importance of transparency, saying: “When a country’s currency crashes so fast in a day or two, then there has to be an inquiry into who traded on the inside and made a fortune, while others lost their businesses and savings. The FIA should share its findings with parliament.”

“We are told that the external account is under immense pressure but tell us if billions won’t be added to foreign debt as a result of the whopping exchange rate adjustment? It is the finance minister’s job to answer these five questions in parliament,” Rehman concluded.

Responding to the calling attention moved by PPP leader Shery Rehman, Minister of State for Revenue Hamad Azhar said that the wrong policies of previous governments had widened the current account and trade deficits.

He claimed that the PTI government got an empty exchequer when it assumed the power three months ago.

Meanwhile, the Senate was informed that a proposal was under consideration to merge the Earthquake Reconstruction and Rehabilitation Authority (ERRA) into the National Disaster Management Authority (NDMA). In a question hour, Minister of State Ali Mohamed told the House that a proposal to this effect had been put before the cabinet for approval.

The minister said that the NDMA was working in hand with provincial disaster management departments to provide assistance to drought-hit areas of Sindh and Balochistan.

He said that the NDMA had also constructed humanitarian response centre in, Lahore, Hyderabad. Islamabad and Gilgit.

Moreover, he said that flood fighting equipment reserves had been established in Rawalpindi and Abdul Hakeem city.

Separately, Minister for Human Rights Shireen Mazari told the House that several laws, including anti-torture and legal aid bills, were on the cards in order to protect rights of different segments of the society.

“The government has initiated an awareness campaign on human rights, including women’s right to inheritance.”

Published in Daily Times, December 15th 2018.

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