Shahbaz says rise in dollar value could be a result of 'clandestine agreement with IMF'

ISLAMABAD:  Leader of the Opposition in the National Assembly Shahbaz Sharif, in his criticism of the incumbent government's economic policies, said that the rise in the value of the dollar could be a result of a  “clandestine agreement with the International Monetary Fund (IMF)", Geo News reported Monday.

Shahbaz, in an official statement, said that the people are becoming poorer with the rise in the dollar's value but the government is insensitive about their misery.

“History is witness that any increase in the dollar prices has always augmented inflation in the country,” said Shahbaz, adding that the rulers are maintaining a "criminal silence" over the matter of dollar price hike just like their silence over the inflation.

The leader of the Opposition termed the continuous surge in the dollar rates “destructive” for the national economy and “dangerous” for national security and urged the government informs the Parliament about the result of the talks with the IMF if the deal with it hasn’t ended.

“Hiding the terms and conditions agreed upon with the IMF from the Parliament has something fishy about it,” said Shahbaz.

He said that the people are paying the price for agreeing to the conditions put forward by the IMF in terms of inflation and unemployment.

The rupee touched a new all-time low of Rs174.43 against the US dollar in the inter-bank market on Monday in the wake of mounting pressure of import payments as well as looming uncertainty regarding a delay in the IMF’s decision regarding the resumption of the $6 billion Extended Fund Facility (EFF).

Today, the dollar has risen by Rs0.43 in the interbank market, while in the open market, the value of the dollar has risen by Rs1.20.

Currently, the value of the dollar is Rs175.5 in the open market.