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Crashing oil prices highlight the incompetence and rampant financial corruption of both PTI and PML N governments

 

If one follows oil prices from their peak in 2008 when they were hovering around $148 per barrel, it was the PPP government in Pakistan that had to face this disaster. And they were still charging less in Rupee terms than PTI and before them, PML N.

PML N enjoyed the lowest sustained oil prices and enjoyed long periods where oil reminded below $40 but they still charged higher in relative terms.

Similarly, PTI saw peaks of $60 but is charging the highest.

There are other variables. Pakistan’s power generation is still dependent on oil and other means provide less of the percentage.

During PPP government, power prices were the lowest and exports grew by the highest percent even in a recessionary global economy suffering from sub prime crisis. Current account deficit remained the lowest through most of PPP government.

PML N came and raised power prices by several multiples and Faisalabad and Sialkot suffered as manufacturing hubs. Even though PML N had to contend with far lower oil prices.

By the time PML N left, exports had crashed to below PPP’s $25-27 billion peak to $18 billion while the global economy was doing well. Bangladesh, which was behind us in 2013 in exports, had now achieved $40 billion.

PTI continued with PML N’s disaster and made it worse. By their own rhetoric and standards, PTI and PML N have proven to be far more corrupt than their combined allegations against PPP.

And their economic, foreign policy, legislative and governance has proven to be far, far worse than PPP. In fact, it has not even close. Of course, neither PML N and PTI did anything for providing social security which PPP did under BISP and Watan cards. As well as agricultural subsidies and support pricing for crucial crops. During PPP’s time, Pakistan went from being a wheat importer to a wheat exporter.

Even if we take into account currency depreciation, PPP still emerges in a different category of economic management than PML N and PTI.

PPP inherited a looted economy of Musharaf where $20 billion in Coalition Support Funds were unaccounted for.

The world/US slowed its loan deferral policies which it had eased for dictators like Musharaf. Exports stood at $13-14 billion. PPP had to contend with the worst flooding in Pakistan’s history.

Both PML N and PTI, along with the corrupt Iftikhar Chaudhry and General Kiyani undermined PPP at every turn.

Nawaz and Niazi had a free hand until Nawaz got too uppity for his security establishment handlers and wanted a bigger share of the loot for himself.