Pakistan PM-elect Sharif says country heading for historical budget, trade deficits

Pakistan's prime minister-elect Shehbaz Sharif on Monday said the country was on the way to posting the largest budget deficit in its history as well as historical trade and current account deficits.

Sharif, in his speech after winning a parliamentary vote to elect a new prime minister, said that the outgoing government of Imran Khan had mismanaged the economy, and his new government was faced with a huge challenge to bring it back on track.