Nawaz Sharif blames PTI for sky-rocketing inflation

Lahore:  Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif once again held Pakistan Tehreek-e-Insaf (PTI) responsible for sky-rocketing inflation in the country.

He also asked the relevant quarters as to why he was ousted from the power.

“I feel the pain of the public but still I think as to why I was ousted,” said Nawaz Sharif while addressing a joint press conference with his daughter Punjab Chief Minister Maryam Nawaz.

He raised a question that whether there was anyone who could hold the responsible accountable

His press talk was live telecast on the state TV and was shown on the private TV channels across the country.

According to Sharif, during his tenure, the dollar was valued at Rs95, and although circumstances required the exchange rate to be adjusted to Rs104 to support exports and other factors, the economy remained stable.

He further claimed that had he remained in power, the dollar would still be pegged at Rs104.

Sharif also pointed out that the bank interest rate was around 5% during his government, but had climbed to 22% under the PTI’s leadership.

Thanking Maryam Nawaz for her efforts in reducing flour prices in Punjab, Nawaz Sharif announced that the provincial government had introduced a relief package, reducing the electricity tariff by Rs14 per unit for those consuming up to 500 units. This relief will be reflected in the bills for August and September.

He added that in order to fund this utility relief, the Punjab government had cut its development budget.

Sharif also addressed his removal from office, which he said was based on a technicality involving his failure to draw a salary from his son’s company, a reason he deemed "laughable." He questioned whether this was a just cause for disqualifying a sitting prime minister.

Denying that the PML-N was responsible for the current economic woes, Nawaz Sharif said that the world had recognized Pakistan's economic growth during his tenure, adding that it was the PTI government that re-engaged the IMF after his government had freed the country from its control.

He highlighted that during his time in office, his administration had resolved the power crisis within three years. In 2017, he said, the average electricity bill for a household was Rs1,600, whereas it has now skyrocketed to Rs18,000.