2.2 million Pakistanis could lose jobs in two years, says Hafeez Pasha

Hafeez Pasha says one million Pakistanis lost jobs in 2019

2.2 million Pakistanis could lose jobs in two years, says Hafeez Pasha
–File photo

Former finance minister Hafeez Ahmed Pasha has said he fears 2.2 million Pakistanis will lose their jobs in the next two years.

In an interview to a private news channel this week, Pasha said the number of people who lost their jobs last year is said to be one million. He said there are reports that more people would lose their jobs because the government has taken some decisions, which were never taken before.

Economist says government borrowed Rs3,000 billion from SBP last year

Pasha said the government did something last year that was never allowed and done in the past and consequences of this action will be seen soon. He said the government borrowed Rs3,000 billion from the State Bank of Pakistan (SBP) last year and Rs1,200 billion were borrowed in advance since the government knew that an IMF programme is coming and it clearly stated that the government would not borrow any money from the SBP. Therefore, money was borrowed from the SBP before the year ended, he said.

The former finance minister said the government misstated the GDP growth rate last year. According to the government, the GDP growth stood at 3.3 percent, but in fact it remained 1.9 percent in 2019, he said. He said that Pakistan’s GDP growth would decrease to 1.2 percent or 1.3 percent and this decrease would have an impact on the masses. Answering a question about the Pakistani currency, Pasha said it would remain stable for the next five months, but he could not say anything beyond this time period.