PTI incurred 48% less external liabilities than PML-N: Hafeez

 
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ISLAMABAD, Nov 14 (TNS): Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh said that the Pakistan Tehreek-i-Insaf (PTI) government incurred 48 percent less external liabilities in first nine quarters of its tenure compared to Pakistan Muslim League (N) government’s last 9 quarters.

During the period, the PTI government repaid 78 percent more debt than PML-N government, the advisor tweeted on Saturday.

He said that despite the challenges posed by Covid-19, Pakistan’s industrial sector was thriving as Large scale Manufacturing Industry (LSMI) including textile production and auto-sales were on the rise.

“PTI government incurred 48% less external liabilities in first 9 quarters compared to PML-N government’s last 9 quarters while doing 78% more debt servicing. Despite the challenges posed by Covid-19, Pakistan’s industrial sector is thriving. LSM, textile production & auto-sales are on the rise,” the advisor tweeted.”

The advisor shared State Bank of Pakistan’s data which showed that the net to external debt stood at $24.8 billion during PML-N tenure from March 2016 to June 2018 where as in PTI’s tenure from June 2018 to September 2020, the net external debt stood at $18.5 billion.

The overall liabilities impact was recorded at $31.1 billion during the PML-N period under review whereas the overall liabilities impact has been recorded at $16.1 billion in PTI’s tenure under review.

The external debt serviced (principal + interest) stood at $16.7 billion in PML’s period whereas it stood at $29.7 billion during the PTI’s tenure of nine quarters under review.

Meanwhile, quoting Pakistan Bureau of Statistics latest statistics, he said, the Large Scale Manufacturing growth increased 7.65 percent in September 2020 compared to last September whereas it grew by 4.81 percent during the first quarter of the current fiscal year (July-Sept 2020-21).

On year-on-year basis, the non-metallic mineral products grew by 21 percent in September 2020, pharmaceuticals by 20 percent, food by 10%, autos by 28 percent, textiles by 2.5 percent, fertilizers by 8 percent, paper and board by 12 percent, chemicals by 8 percent and rubber 15 percent.

On the other hand, the car sales have increased from 10,853 units in October 2019 to 14,054 October 2020, showing an increase of 29 percent.

Likewise, the sale of motorcycles also increased by 12 percent, from 156,872 units in last October to 175,294 units in October 2020 whereas the sale of tractors went up from 2,861 to 4,482, showing growth of 57 percent and trucks and buses sale grew from 349 units to 388 units, a growth of 11 percent.