KARACHI: Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has said that rising inflation is resulting in severe hardship for the people.
Because of the recent tough decisions, the rupee is strengthening, and the dollar is depreciating, which will lead to a decline in inflation, he added.
Mian Zahid Hussain said that there is a limit to the cooperation of friendly countries, now they have run out of patience and the only option for Pakistan is to become self-reliant. He said the government would have to make some more difficult reforms to save the country, including eliminating subsidies, privatizing failed government companies, and eliminating theft and losses of electricity and gas.
He said that the government could save Rs 3400 billion by focusing on the promotion of agriculture while ignoring reforms will bankrupt the country and people will not find necessities as things expensive today will become scarce tomorrow resulting in a civil war.
Presently affairs are being run on loans and by eliminating subsidies, but the government must balance the tax system, make industry and agriculture more profitable than other sectors, reduce the profits of non-productive sectors and distribute wealth among the people.
Mian Zahid Hussain further said that policymakers know that every foreign debt increases the burden on the people but they are addicted to it which has made it difficult to get rid of it.
Copyright Business Recorder, 2022
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