Pakistan Faces Unbearable Debts, Says Pm

Prime Minister Nawaz Sharif said on Wednesday that Pakistan was facing unbearable debts owing to faulty policies of the past but the severity of the crisis had eased in his 16 weeks in government.

At this time, our internal and external debts are beyond our capacity, he said in a televised address.

There is no department and branch from I can get good news. Wherever I look, I see only deficit.

He blamed the previous government led by Benazir Bhutto for bringing the country to the brink of economic bankruptcy. Bhuttos Pakistan Peoples Party (PPP), whose government was sacked by President Farooq Leghari last November on disputed charges of misrule, accused Sharif of making false claims and blaming others for his failures.

 

Sharif said that as he got more details, the three years of Bhuttos government appeared as a nightmare. If it had continued for a few more weeks, he said, it is an accepted fact that Pakistan would have become bankrupt.

Sharif, who took office on February 17 after his Pakistan Muslim League won a landslide election victory, said he wanted prompt punishment of the guilty but had to keep within the limits of the existing legal system and the needs of justice.

Expressing dissatisfaction with the police and other enforcement agencies, he said he wished to throw away the entire system and introduce one that could give respect to people and punish injustice promptly.

Sharif, whose government is due to unveil its budget for fiscal 1997-98 (July-June) on Friday, said Pakistan could stand on its feet if everyone pledged to work hard for the five years of his tenure.

And the first two years are for really hard work, he said. If you join me and fully participate in the struggle to eliminate traces of destruction with a spirit of sacrifice, then I pledge to you that in remaining three years, you will get the fruit of your sacrifices beyound your expectations.

An survey issued by the government earlier as a pre-budget document said Pakistans economy grew an estimated 3.1 percent in fiscal 1996/97, compared with last years 4.6 percent and a target of 6.3 percent.

Sharif said the severity of the economic crisis had lessened because of reforms introduced by his government.

What we have done so far is most encouraging, he said. The dark days are over, now only foggy days left. These foggy days will also end soon and shining and golden days will start to dawn.