Shaukat Tarin terms reports that General (retd) Qamar Javed Bajwa was unhappy with his appointment as FM unfounded, baseless
ISLAMABAD, Feb 10 (SABAH): Former finance minister, Pakistan Tehreek-e-Insaf (PTI) senior leader Senator Shaukat Fayaz Ahmed Tarin has strongly refuted the basely and unfounded allegation that General (retd) Qamar Javed Bajwa was not happy with my appointment as finance minister, which ‘I cannot believe Gen Bajwa would make these comments, because he called me his Hero, when I concluded the Rekodik deal on March 31, 2022’.
In a statement issued here on Friday, PTI Senator stated that his successful professional career spanning over 46 years was enough to belie Javed Chaudhry’s claim. During which, Tarin said, he had not only successfully managed Citibank in many countries but managed to turn around a bankrupt Habib bank, stabilised a tanking economy in late 2008 and when the vote of no confidence was tabled to oust PTI government, the reserves were $16.4 billion and inflation at 12.7%.
However, Shaukat Tarin said that even then he wanted to clear the air, if what Javed Chaudhry has stated was said by Gen Bajwa.
PTI Senior leader said that Javed Chaudhry published an interview with General Bajwa which, if true, stated that the General was not happy with his appointment as the finance minister, on four counts.
Tarin said that it was alleged that he was unable to run a small bank and he would certainly ruin the economy but reality spoke otherwise, as in his professional career of 46 years, he had successfully managed Citibank in many countries, managed to turn around a bankrupt Habib bank in three years, turned around Union bank in six years and sold it to Standard Chartered Bank and gave investors 1800% return, stabilised a tanking economy in late 2008 and left in 17 months on basis of principles.
“I think these are enough of credentials. Silkbank became sick as Bank Muscat, IFC and Nomura backed out of putting additional capital,” he added. Regarding Javed Chaudhry’s allegations that there were Rs 8 billion of NAB cases against him which Gen Faiz Hameed helped to quash, Tarin said that there were four rental power cases against him with no financial corruption but, the fact, he approved giving additional advance of 7% to the rental companies. “I was always against the rental power policy of PPP and on my insistence an Asian Development Bank audit was conducted and the program was stopped but instead of getting credit, the then CJP included my name to be investigated as well,” he clarified.
Shaukat Tarin went on to say that he had actually saved around Rs 292 billion of government of Pakistan funds by changing the terms.
“When PM Imran Khan offered me the job in 2019, I refused as I had cases against me and there was no progress in seven years. All I wanted was to have the process expedited on merit. Once the process was expedited not only I was exonerated, but others also got the relief,” he explained.
PTI Senator stated that Javed Chaudhry alleged that he over heated the economy but he added that when he took over, the economy was coming out of Covid and needed growth and jobs. “The steps we took despite commodity super cycle, resulted in all round record growth in overall and sectoral GDP, Exports, taxes, remittances and employment. Our reserves were $16.4 billion before VONC and inflation at 12.7%,” he added.
Tarin stated that these facts have been documented in the Economic survey, published by the PDM government, as the best in 17 years.
Regarding the allegation that increase in taxes was due to increase in imports and customs which meant we were sending out our dollars and hence would default, Tarin said: “The commodity super cycle increased our imports, but, by February 2022, we had brought down the CAD to an average of $700 million a month and inflation to 12.7%.”
“We knew that international commodity cycle will taper off, but we will maintain growth. We also knew that due to PM Imran Khan’s efforts we will get discounted oil, gas and wheat from Russia to lessen our burden,” he added. Tarin stated that oil prices have since come down to $84/ barrel from $110/ barrel at our time. Our tax increase included 42% in direct taxes, 36% in sales tax and much less in customs duty.