Pakistan Tehreek-e-Insaf (PTI) spokesperson Asad Omar has termed the annual budget exercise meaningless on the basis of the performance statistics released by the government yesterday.
In a statement, he said the government has presented a budget every year and then proceeded to completely ignore it and end the year with no semblance to the original budget presented.
He said that starting the year with a budget that set a target of 4.7% of GDP as the fiscal deficit, by its own admission will end the year with a budget deficit of almost 7% (including circular debt) and which in reality will probably end up close to 8%.
This massive deficit is not only devouring almost all available bank debt but is also resulting in heavy monetization of the deficit through recourse to huge borrowing from the state bank of Pakistan, he added.
Budget exercise meaningless: PTI
