“All our predictions come true, we are heading for disaster,” said former finance minister Shaukat Tareen after the interest rate hike.

“All our predictions come true, we are heading for disaster,” he said.

ISLAMABAD (Daily Pakistan Online): Former Finance Minister Shaukat Tareen has said that the decision of the State Bank of Pakistan to raise interest rates to 15 per cent is leading to disaster.

Reacting to the announcement of monetary policy by the SBP, Shaukat Tareen said that the SBP had increased the discount rate by 1.25 per cent, economic growth is forecast to be three to four per cent and inflation for 2023. The rate will be 18 to 20 percent. The Social Progress Index (SPI) is 33.7% this week.

“All the predictions he made are coming true, we are heading for a catastrophe and the only way to avoid it is new elections,” he said.

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