KARACHI: Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain has said that inflation is crossing 40% mark, the poor and the middle class are suffering like never before while the profiteering mafia is also robbing the people, but despite this, the international lender organization is not satisfied and its demands are not ending.
He further said that it seems the IMF is not interested in lending to Pakistan. Loans have been given to Bangladesh and Sri Lanka, but Pakistan's case continues to be suspended.
In these dire situations, friendly countries have also turned their back because they are tired of giving continuous loans and aid, while the IMF is asking Pakistan to guarantee the issuance of loans by friendly countries, which is not being met.
Pakistan has to rely on its own resources including import substitution, privatization, and agricultural development. He said political instability and the endless power struggle have destroyed the economy. The political frictions have become a threat to national security which has become at stake, he said.
Mian Zahid Hussain said that terrorists are taking advantage of the faltering economy, they have stepped up their operations and the martyrdom of a senior military officer while confronting terrorists is dangerous.
He said that if the terrorists are not crushed immediately with full force, they will once again unleash terror across the country and no one will be safe.
Political leaders must stand on the back of the army while Afghanistan should be emphasized not to allow its territory to be used for terrorism, he added.
The business leader said that politicizing terrorism will lead the country to hell.
On the one hand, the country is going bankrupt, on the other hand, the demands of the IMF are not ending, he said.
The government has presented two mini-budgets to meet the IMF conditions, increased the GST rate, increased the price of petrol by Rs 57 per litre in a fortnight, increased the price of electricity by Rs8 per unit, increased the cost of gas by 124%, increased the bank mark up by 5% and drastically reduced the value of the currency.
Copyright Business Recorder, 2023
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