KARACHI: The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, the President of Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain said that those who consider borrowing the only solution to every problem of the country have jeopardized the economy and threatened the integrity of the country.
He said the country is now buried under a mountain of debt, and it has become difficult to get out.
He said that the economic managers and the heads of big institutions like PIA and Railways have to deal with one borrower after another. Mian Zahid Hussain said that similarly economic managers spend most of their time repaying old loans and obtaining new loans to keep system afloat.
He said that arranging loan repayments and taking new loans has become a routine that prevents anyone from doing anything constructive.
He said that debt management is becoming more complicated and time-consuming.
At this time, the IMF wants Pakistan's friendly countries to first roll over the debt of twelve billion dollars, after which it will start lending, while the friendly countries and other lenders want Pakistan to start the IMF program first, after which they will start lending.
In this conflict, the country is experiencing a delay in receiving the IMF loan, which is causing losses and increasing investors’ anxiety.
Hussain said that while the country’s resources are limited, which the IMF is concerned about.
Some important sectors of the country's economy are not ready to pay taxes, which is worsening the situation instead of improving it.
The anti-Pakistani forces have successfully mixed terrorism with political issues, which have ignited hatred in the two provinces. Instead of being confused by this agenda of anti-Pakistan forces, terrorists need to be crushed with full force.
The non-stop apprehension of past rulers who tried to solve even minor political issues with the help of a stick has turned these minor issues into militancy and insurgency, which has raised questions about the future of CPEC, Gwadar, and big dam projects.
He further said that now is the time to understand the implications of the policy of considering the protestors as a threat to the state and to make a policy to resolve political issues through understanding. At the same time, terrorism should be dealt with the full force.
Copyright Business Recorder, 2024
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