Muhammad Zubair exposes lie of PDM, says Pakistan wasn’t at default risk in February 2022

PoliticsMuhammad Zubair exposes lie of PDM, says Pakistan wasn’t at default risk...

ISLAMABAD, Pakistan: Brushing aside the claim of the Pakistan Democratic Movement (PDM) including his own party, the Pakistan Muslim League-Nawaz (PML-N) leader Muhammad Zubair has clarified that Pakistan wasn’t at the risk of default when the vote of no confidence was moved in the Parliament against Prime Minister Imran Khan on March 08, 2022.

Talking to anchorperson Maria Memon in the ARY News Programme “Sawal Yeh Hai”, Muhammad Zubair said that from August 2021 to February 2022, the exchange rate in the Interbank Market was in the mid-170s which “was more or less stable”.

   

While, he added, reserves held by the State Bank of Pakistan only were US$ 16 billion to US$ 17 billion which “were, though no big enough, but comfortable”.

Muhammad Zubai – who also served as the 29th Governor of Sindh from February 02, 2017 to August 03, 2018 in PML-N government – categorically said that at that time, there was no risk of the Country’s defaults but once the PDM government took over in April 2022, afterward the foreign exchange reserves started going downhill and dropped to even below than US$ 3 billion.

It’s worth noting that multi-party alliance PDM including PML-N concocted a false narrative that they sacrificed their politics for the Country’s sake as according to them, the Country had reached the brink of default when Pakistan Tehreek-e-Insaf (PTI) was in power.

However, apart from Muhammad Zubair bringing the truth to surface now, even the official statistics suggest that the PDM leadership have consistently been lying to the nation, and in fact, when they tabled the no confidence motion, the Country’s economic situation was very much stable, and there was no risk of default.

Also Read: Did really PTI put Pakistan on the verge of default?

The statistics reveal that the State Bank of Pakistan’s reserves were well over US$ 16.3 billion while the total liquid foreign exchange reserves held by the Country stood at over US$ 22.6 billion in the end of February 2022.

Later, by early February 2023 when the PMD had been in the government for 10 months, the Central Bank’s reserves had shrunk to US$ 2.9 billion.

Muhammad Zubair exposes lie of PDM, says Pakistan wasn’t at default risk in February 2022

Likewise, the value of US dollar was Rs 178.61 against the Pak Rupee on March 08, 2022, the day when the Parliament was moved to oust Prime Minister Imran Khan from the Office.

Muhammad Zubair exposes lie of PDM, says Pakistan wasn’t at default risk in February 2022
https://www.sbp.org.pk/ecodata/rates/m2m/2022/Mar/08-Mar-22.pdf
Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Gold Price in Pakistan Today – 21 February 2024

0
On Wednesday (February 21, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 220,700.000.It's important to note that gold...
How to Become a Filer in Pakistan

FBR collects Rs 5150 trillion revenue in FY 2024 till mid-February

0
ISLAMABAD, Pakistan: The Federal Board of Revenue (FBR) has collected revenue of Rs 5,150 trillion since July 2023 to mid of February 2024 against...

SBP organizes Pakistan Financial Literacy Week 2024 from March 4-8

0
KARACHI, Pakistan: The State Bank of Pakistan (SBP) will organize the ‘Pakistan Financial Literacy Week 2024’ from March 4-8, aiming at to leverage digital...

Terrorist killed in DI Khan Operation: ISPR

0
The security forces have killed a terrorist in an intelligence-based operation (IBO) in Khyber Pakhtunkhwa’s Dera Ismail Khan District on Tuesday, the Inter Services...

Integrated Digital Count approach to be adopted to conduct 7th Agricultural Census of Pakistan...

0
The field operation will be conducted in September-October 2024ISLAMABAD, Pakistan: After the successful completion of 7th Population & Housing Census (1st Ever Digital...
Advertisement