They said the government is relying on foreign borrowing instead of domestic borrowing while it has done nothing to increase tax collection and introduce cogent reforms in the Federal Board of Revenue.
"The four percent GDP growth is a recipe for disaster," said Ahsan Iqbal, adding that foreign direct investment comes in the country only when there is a political stability and consistency in policies.
"The way this government has created harassment in the country, investors have either gone underground or fled to other countries," he said, adding that the government has no vision to steer the country out of economic crisis; rather, it is running the affairs through foreign borrowing.
He maintained that the government has so far borrowed $12 billion from friendly countries and questioned whether the government is planning to install energy projects or any other infrastructure development through the massive loans? "We believe that government is borrowing to meet the deficit," he added.
PPP leader Qamar said it is disappointing that the mini-budget has nothing to offer for the masses, adding that the inflation rate has already increased to 7.5 percent and there are projections that this would hit double digit if remedial measures are not taken in time.
He pointing towards fiscal deficit and current account deficit said economic situation of the country is not good. "The government's present budget will reduce gap between spending and revenue, but there is nothing in this mini-budget to reduce the fiscal deficit," he said.
"The opposition wants political stability in the country and is not planning to topple this government," he added. Opposition leader said the mini-budget lacks concrete measures to control fiscal and current account deficits, adding that although taxes on small items like mobile phone, milk and cars above 1800 CC have been proposed, yet they are not enough to reduce the deficit.
Talking to Business Recorder, former finance minister and Senate Deputy Chairman Saleem Mandviwalla termed the mini-budget 'business friendly' that is meant for business community and not for common people.
He said the government has adopted the strategy through the mini-budget to increase the business activities before annual budget 2020. He maintained that the PTI government addressed all those issues related to business community which have been pending for the last five years.
PPP's MNA Khalid Ahmed Khan termed the mini-budget against the interest of the poor people and said his party opposed the budget. He said this would put further burden on the poor who are facing all time high inflation during the current government of Pakistan Tehreek-e-Insaf (PTI).
Another lawmaker of PPP, Nawab Muhammad Yousaf Talpur said the concessions announced in the min-budget are sector-specific and will provide little benefit to the people. He said it is neither friendly nor unfriendly budget.
He maintained that the government has announced incentives for banking sector and non-tax filers to generate revenue.