Nawaz Sharif, the leader of the Pakistan Muslim League-Nawaz (PML-N),asserted that India achieved economic development by adopting PML-N’spolicies during his tenure as Pakistan’s prime minister. Speaking at theLahore Chamber of Commerce and Industry, he expressed pride in the economicperformance under his leadership, emphasizing the positive impact of thepolicies on the national treasury.
According to Sharif, the implementation of these policies resulted in asignificant improvement in the economic landscape, suggesting that if thetrajectory had continued, the exchange rate would have seen the dollarequivalent to Rs40 or Rs50.
However, concerns have been raised by economic experts, particularlyregarding former finance minister Ishaq Dar’s claims about thesustainability and long-term viability of PML-N’s economic strategies.
Dar, too, faced criticism for his handling of the rupee value and stockmarket, with experts questioning the soundness of his decisions.
In June, Dar alleged that the International Monetary Fund (IMF) wantedPakistan to follow the path of Sri Lanka, which had faced a foreign debtdefault the previous year. However, he did not disclose a contingency plan,referred to as ‘Plan B,’ in case negotiations with the IMF failed.
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The former finance minister further drew criticism for his negotiationtactics with the IMF, asserting that the organization could not dictateterms to him. Despite Dar’s predictions, the dollar did not decrease belowRs200, leading to skepticism about the realism of his economic assessments.
Sharif defended the policies implemented in the 1990s, claiming that theyreceived endorsement from various chambers and the business community. Hecontended that these policies were not only suitable for Pakistan but alsomirrored the approaches adopted by many developed nations.
Sharif accused certain developed countries of imposing “double standards”by urging Pakistan to follow a similar path while simultaneously endorsingsimilar policies themselves.