Imran paints bleak economic picture amid rising inflation.

GUJAR KHAN -- Deploring the rising inflation, former prime minister Imran Khan on Thursday warned that Pakistan's default risk has soared to 80 per cent from the 75pc recorded on Wednesday and that global financial institutions will not trust the country for extending loans.

He further remarked that the rupee would continue to take a free fall in such a dire economic situation and people start hoarding dollars.

Mr Khan said this while addressing his party's long march at Dina where for a change his speech also focused on the economy. He claimed 50 million people were on the verge of slipping below the poverty line if inflation continued to rise at the same pace.

Commenting on a report of the government's Finance Committee on Agriculture, he said a significant drop was recorded in the consumption of diesel, fertiliser and purchase of tractors amid skyrocketing inflation in the country. As a result, crop yield was also expected to fall.

Presenting a picture of the industries, the Pakistan Tehreek-i-Insaf (PTI) chief said the sector was booming when he was in power, but dropped to 1pc in the last seven months. He added the country's wealth was decreasing drastically that would make it difficult to pay off the loans.

He also reiterated his corruption allegations against the ruling parties, and repeated he would take the legal route in the US, UK and UAE against the federal government, Geo News and businessman Umar Farooq Zahoor over their 'propaganda' against him.

Furthermore, the PTI chief said he had already predicted the current economic situation of the country and the alleged risks to national security in an earlier interview.

He added he feared the current rulers would flee the country after getting their cases closed and failing to handle the economy.

He further claimed the government wanted to 'eliminate' the opposition and appoint an army chief who 'supported' their agenda, but hastened to add that he didn't doubt the intentions of any of the candidates for the all-important position, but didn't trust the rulers.

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