One has to agree with IK that rising debt and low taxes are a national security
issue. How his narcissism allows him to say it without irony. IK has borrowed Rs 15000 billion in just 3 years, 60% of all debt taken in previous 71 years. 1/4
IK has borrowed more in 3 years than PMLN in 3 terms of MNS and one year of Shahid Abbasi combined. IK has borrowed more in 3 years than 4 PPP PMs including ZAB, BB, Yousuf Raza Gillani and Raja Pervaiz combined. IK has borrowed more in 3 years than Ayub Khan did in 10 years, 2/4
then Zia ul Haq did in 11 years & Pervaiz Musharraf did in 9 years. He’s borrowed more because he has run the highest budget deficits in history, both in absolute amounts and as a percentage of GDP. His govt’s current expenditures have risen faster than inflation every year. 3/4
He has reduced tax collection in spite of adding multiple new taxes worth hundreds of billion. FBR tax to GDP in PMLN last year was 11.2%. PTI still has not caught up with it. In all three years it was less than 10%. This is why debt is rising. 4/4//

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More from @MiftahIsmail

14 Nov
A thread on the four main reasons for the recent precipitous decline in the value of the rupee.
A: Uncertainty about renewal of the IMF programme.
B: Largest trade deficit and fastest growing imports in history.
C: Fourth highest inflation rates among major countries. 1/10
D: Rapid increase in money supply. I will expand a little on each of these reasons below: 2/10
A: Uncertainty about renewal of the IMF programme: Our programme was “revived” earlier this year and we were supposed to get a $1 bil trance in July. We are now in November and still there isn’t an agreement. This is giving markets jitters. 3/10
Read 10 tweets
5 Nov
Shahid Khaqan Abbasi (7 months), Imran ul Haq (4 months) and I (5 months) were put in jail by NAB and this government for setting up an LNG terminal (Engro). According to Wood McKenzie, the two Pakistani terminals set up by PMLN are the cheapest in the world. 1/7
The few “cheaper” terminals are fully depreciated or have more than twice the volume. All other terminals in the world are more expensive than the ones Shahid Abbasi & the PMLN set-up. In a fair world we should’ve been given a medal for this. But instead we were sent to jail. 2/7
The case should have been in Karachi as SSGC, Engro and the terminal are all there. In fact it was first investigated by NAB Karachi and it found nothing wrong. Then the case was reinvestigated by Pindi NAB and it found “something” to arrest us and then file a reference. 3/7
Read 7 tweets
17 Jun
🔴 2 crore Pakistanis have been pushed into abject poverty under Imran Khan’s economic mismanagement.
🔴 50 lakh more Pakistanis have been forced into unemployment.
🔴 Food Inflation is 15%, the highest in South Asia
🔴 SPI inflation has increased 13% every week since Feb 25
🔴 This budget will have Rs 383 billion in new taxes, including over Rs 260 in indirect taxes.

🔴 It gives continued amnesty to large property developers while increasing taxes on milk powder and sugar.

🔴 It gives a tax break to Suzuki but imposes sales tax on bicycles.

🔴 It gives a tax break to tycoons making profits on share trading but puts a tax on medical allowance of salaries employees.

🔴 It gives powers to arrest businessmen to junior officers of FBR, taking possible harassment to new heights.
Read 5 tweets
1 Mar
Having run up the largest deficits and public debt in our history, PTI is now trying to set a narrative that it is paying back national debt. It really takes some gall to spin this false narrative. In this thread I will try debunk this completely illogical and baseless claim. ➡️
No PTI supporter says that PPP paid back loans of Musharraf era, even though some of his debt was re-rolled during PPP’s tenure. Since our debt went up by ~ Rs 8000 bil during PPP’s 5 years (08-13) it means obviously that PPP didn’t pay back any debt but incurred more debt.
When PMLN came to power in 13, our public debt was Rs 14292 bil and when we left in 18 it was Rs 24593. We too re-rolled or re-issued previously issued debt but of course we didn’t pay back any debt but added Rs 10,661 bil in debt in our 5 years. That’s Rs 2,132 bil per year. ➡️
Read 10 tweets
14 Feb
گذشتہ ماہ حکومت نے بجلی کے نرخوں میں 1.95 روپے فی یونٹ اضافہ کیا تھا۔ رواں ماہ نیپرا نے دسمبر کے لئے فیول ایڈجسٹمنٹ چارجز میں 1.53 روپے فی یونٹ اضافے اور 2020 کی چوتھی سہ ماہی کے لئے سہ ماہی ایڈجسٹمنٹ میں 0.83 روپے اضافے کا تعین کیا ہے۔ لہذا آپ کے فروری کے الیکٹرک بلوں⬅️
میں فی یونٹ 4.31 روپے زیادہ اضافہ ہوسکتا ہے۔ یہ ایک تبدیلی ہے جسے ہم اپنے ماہانہ بجٹ میں محسوس کریں گے۔

پی ٹی آئی حکومت کسی بھی چیز کی ذمہ داری قبول نہیں کرتی ہے اور صرف پی ایم ایل این کی سابقہ ​​حکومت پر الزام عائد کرتی ہے۔ مثال کے طور پر جب پورا ملک بلیک آؤٹ کا شکار⬅️
ہوا تو ایک وزیر نے پی ایم ایل این کو مورد الزام ٹھہرایا۔ لیکن جب ان سے پوچھا گیا کہ کیا ہوا ہے تو انہوں نے کہا کہ وہ نہیں جانتے ہیں۔ لیکن وہ "جانتے تھے" یہ پی ایم ایل این کی غلطی تھی۔ آخر میں یہ پتہ چلا کہ پی ٹی آئی کے قابل لوگ گذشتہ موسم گرما میں معمول کی maintenance کرنا⬅️
Read 16 tweets
14 Feb
Last month PTI government raised base power tariffs by Rs 1.95 per unit. This month NEPRA has determined tariff increases of Rs 1.53 per unit in Fuel Adjustment Charges for December and Rs 0.83 in Quarterly Adjustment for 4th quarter of 2020. 1/17
So your electric bills for February maybe higher by Rs 4.31 per unit. That’s a Tabdeeli we will feel in our monthly budgets.

The PTI govt takes no responsibility for anything and just blames PMLN’s previous govt. 2/17
For instance when the entire country suffered a blackout a minister blamed PMLN. But when asked exactly what happened he said he didn’t know. He just “knew” it was PMLN’s fault. Later it turned out that Einsteins in PTI forgot to carry out routine maintenance last summer.
Read 16 tweets

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