KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, Mian Zahid Hussain said no matter how much money is borrowed it will never fix the economic problems, as improvement requires internal reforms that have been neglected for decades.
He said that efforts are being made to improve the situation rapidly, which is encouraging. Pakistan has become a permanent customer of international financial institutions. No one tolerates a customer who is unable to repay the loan for a long time, so being economically self-sufficient has become the only means of saving the country, he said.
Mian Zahid Hussain said that some people are still not serious about reforms because their political interests are at stake. He said that the economy has been in the ICU for many years, and now the foreign doctors trying to treat it are getting frustrated.
Pakistan is currently facing serious problems of inflation, deficits, reductions in industrial and agricultural production, falling exports, and reduced remittances, hitting the balance of payments.
He said that public debt has reached 74.3% of GDP in FY 2023 and continues to grow rapidly.
Copyright Business Recorder, 2023
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