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Economy not to run on benami accounts, TTs: Hammad Azhar

Economy not to run on benami accounts, TTs: Hammad Azhar

ISLAMABAD: Minister of State for Revenue Hammad Azhar Thursday said the Pakistan will no more run on undeclared (benami) accounts and Telegraphic Transfers (TTs) as it was in safe hands now.

During his address in the National Assembly, he said there was economic hitman in the House who had raised the country’s current account deficit up to a dangerous level of $20 billion.

Responding to criticism by the opposition leader in the National Assembly, he said despite taking loans of over $18 billion, the foreign exchange reserves of the country plunged to $9 billion from $18 billion in last year of PML-N government.

He questioned that where had $10 billion gone. “Have that money gone abroad through money laundering, to iqama holders’ accounts, to Benami accounts, or to accounts of “falooday walas”, he said, expressing the government’s resolve to make all such corrupt elements accountable according to the law.

Earlier, opposition leader Shehbaz Sharif dispelled the impression that during PML-N tenure, expensive LNG-based power projects were installed in the country.

He said that at that time, NEPRA determined tariff of LNG based electricity at 10.50 cents per unit while the PML-N government started the project of 5000 MW electricity at 6.5 cents.

“The impression given by the Minister for Power Division regarding installing expensive power generation projects was not based on reality” he added.

He also criticized the government for devaluation of Pak rupee against Dollar and said that due to the devaluation, the country’s debts would be increased by Rs 700 billion.

Shehbaz Sharif said that the price hike and uncontrolled inflation had badly affected poor, farmers and labour community. He said that devaluation had also affected the defence budget.