‘Politically motivated economic choices put economy at stake’

KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, Mian Zahid Hussain said that important economic decisions have remained subject to political interests for the past several decades.

Politically motivated economic choices have put the country’s economy at stake, and now the economy is no longer able to bear the burden of wrong decisions, he said.

Mian Zahid Hussain said that the recent decision to reduce the price of petrol is correct, but further reduction is needed. Even the most important decisions in the country have always been made under political pressure due to which now the entire nation is suffering.

Recruitments in the important national institutions were done under political interests, as a result of which 80 institutions, including PIA, Steel Mills, Wapda, Railways, and others, are losing rupees one trillion annually, for which taxpayers are punished, he added.

He said that lack of governance has put the country’s survival at stake and the majority of the people have become despondent about poverty and a better future.

Apart from developed nations and countries in the region, the African countries also do not allow political interference in economic decisions, but this has never been done in Pakistan, which has made a prosperous country a beggar, he observed.

Dozens of countries have made great progress by entrusting economic matters to experts instead of politicians, but unfortunately, this has never happened in Pakistan, he said.

He added that systems have been developed in developed countries to protect experts who make important economic decisions from political pressure, which is needed more than ever before in Pakistan.

Mian Zahid Hussain said that we should stop making decisions on a political basis in important sectors like health, education, and revenue so that instead of producing labourers, we can produce experts in different fields and stop tax evasion of four thousand billion rupees annually.

By giving priority to politics in every sector, the country has become bankrupt, and interest payments on debts have exceeded revenue receipts. Even the most important expenses are being met by taking out loans.

In these circumstances, the Chief of Army Staff has decided to help the government save the country and put the economy back on track, which is being fully supported across the country. Along with anti-terrorism operations, the Army is also working hard against corruption, smuggling, profiteering, hoarding, and speculation.

It has discouraged wrongdoers, due to which the value of the rupee is improving and inflation is coming down. The establishment of SIFC also has good prospects, and foreign investment of $100 billion is expected.

If the government and the army chief succeed in their intentions and save the country from disaster by correcting its economic direction, then the services of the army chief will be remembered for a long time as the benefactor of the country, he observed. People are looking at him as their last hope, and the business community also has high expectations of him.

Copyright Business Recorder, 2023