AIRLINK 75.25 Decreased By ▼ -0.18 (-0.24%)
BOP 5.11 Increased By ▲ 0.04 (0.79%)
CNERGY 4.60 Decreased By ▼ -0.15 (-3.16%)
DFML 32.53 Increased By ▲ 2.43 (8.07%)
DGKC 90.35 Decreased By ▼ -0.13 (-0.14%)
FCCL 22.98 Increased By ▲ 0.08 (0.35%)
FFBL 33.57 Increased By ▲ 0.62 (1.88%)
FFL 10.04 Decreased By ▼ -0.01 (-0.1%)
GGL 11.05 Decreased By ▼ -0.29 (-2.56%)
HBL 114.90 Increased By ▲ 1.41 (1.24%)
HUBC 137.34 Increased By ▲ 0.83 (0.61%)
HUMNL 9.53 Decreased By ▼ -0.37 (-3.74%)
KEL 4.66 No Change ▼ 0.00 (0%)
KOSM 4.70 Increased By ▲ 0.01 (0.21%)
MLCF 40.54 Decreased By ▼ -0.56 (-1.36%)
OGDC 139.75 Increased By ▲ 4.95 (3.67%)
PAEL 27.65 Increased By ▲ 0.04 (0.14%)
PIAA 24.40 Decreased By ▼ -1.07 (-4.2%)
PIBTL 6.92 No Change ▼ 0.00 (0%)
PPL 125.30 Increased By ▲ 0.85 (0.68%)
PRL 27.55 Increased By ▲ 0.15 (0.55%)
PTC 14.15 Decreased By ▼ -0.35 (-2.41%)
SEARL 61.85 Increased By ▲ 1.65 (2.74%)
SNGP 72.98 Increased By ▲ 2.43 (3.44%)
SSGC 10.59 Increased By ▲ 0.03 (0.28%)
TELE 8.78 Decreased By ▼ -0.11 (-1.24%)
TPLP 11.73 Decreased By ▼ -0.05 (-0.42%)
TRG 66.60 Decreased By ▼ -1.06 (-1.57%)
UNITY 25.15 Decreased By ▼ -0.02 (-0.08%)
WTL 1.44 Decreased By ▼ -0.04 (-2.7%)
BR100 7,806 Increased By 81.8 (1.06%)
BR30 25,828 Increased By 227.1 (0.89%)
KSE100 74,531 Increased By 732.1 (0.99%)
KSE30 23,954 Increased By 330.7 (1.4%)

KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance Mian Zahid Hussain said that the dependence of Pakistan on loans is increasing fast and its ability to bear the burden of debt is decreasing in the same proportion. Lenders and friendly countries are backing away; therefore, Pakistan must learn to survive on its own, he said.

Mian Zahid Hussain said that currently, our focus is on new investments from Arab countries, for which we are working diligently through SIFC’s platform.

He said that if the SIFC initiative is saved from traditional laziness and incompetence, it may be possible to achieve an investment of 75 billion dollars.

If the capital from the Arab countries comes under its new model, then the same model can be used to make other failed institutions of the country viable, he added.

He said that successful foreign investment can attract other countries to Pakistan, for which we should improve our policies for permanent relief instead of temporary relief.

“Attention must be given to all the sectors of the economy according to their importance, which is imperative for success.”

Mian Zahid Hussain said that people do not want a political but a real economic change. He said just a few thousand people who benefit from this flawed system do not want the change. They know how to take advantage of these economic conditions and political chaos, and they know that once Pakistan becomes self-reliant, their plunder will end forever.

Mian Zahid said that at present, the vast majority of the country’s population is worried and wants to improve the situation as they are not in a happy situation. Until 2013, the country’s debt was equal to 63.3 percent of GDP, which reached 74.3 percent of GDP at the end of 2023, and the interest payment on loans has reached 7500 billion rupees.

Immediate privatisation of failed companies is the only solution to the problems as it will save one thousand billion rupees annually along with temporary revenue. To improve the situation, the energy sector has to be improved, dependence on IPPs has to be reduced, and solar energy has to be increased, while the tax burden has to be reduced for the poor and shifted to the rich.

Anti-smuggling, hoarding, and anti-corruption measures have to be continued with full force on a regular basis, he demanded.

Mian Zahid further said that if the conflict between the Palestinians and Israel goes on for a long time, it will change the world situation rapidly, oil prices can jump and the priorities of the Arab countries regarding Pakistan can change.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Khosha Oct 14, 2023 06:16pm
‘Country must learn to survive without loans’ Another elitist statement by the elite!
thumb_up Recommended (0)
Cool Oct 17, 2023 05:17pm
Country is heading for more loans in the form of sifc
thumb_up Recommended (0)