KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum (PBIF) and All Karachi Industrial Alliance (AKIA), Chairman National Business Group Pakistan (NBG) and Chairman FPCCI Policy Advisory Board, has emphasized that no country can achieve sustainable economic growth by merely channeling public savings into unproductive government debt.
To turn “InvestPak” into a successful and balanced model, it is imperative that the financial resources generated through it are diverted away from non-productive government expenditures and directed toward employment-generating industrial activities and the augmentation of national exports.
He stated that the State Bank of Pakistan’s launch of “InvestPak” is a welcoming and positive step toward financial inclusion and digital access to government securities.
He noted that instead of viewing it as a mere savings scheme, it should be considered a comprehensive financial reform. If utilized correctly, its far-reaching benefits will directly impact national trade, industry, and the productive economy.
Mian Zahid Hussain said that currently, a significant portion of banks’ financial resources is being consumed by government financing, crowding out the private sector.
During the first eleven months of fiscal year 2026, the government borrowed approximately Rs. 3.5 trillion from banks, while the private sector received a meager Rs. 986 billion.
This trend is highly detrimental to commercial and industrial growth. If ‘InvestPak’ successfully mobilizes funds from common citizens, companies, insurance institutions, and the non-banking sector, the government’s reliance on commercial banks will be significantly reduced.
Consequently, this will create ample lending space for SMEs, exporters, agriculture, logistics, and other key sectors.
Mian Zahid Hussain pointed out that by May 2026, the country’s total public debt had reached an alarming level of Rs. 81.95 trillion, comprising Rs. 58.11 trillion in domestic debt and Rs. 23.84 trillion in external debt.
Under these circumstances, breaking the monopoly of commercial banks and broadening the investor base by providing the public with direct access to Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs), and Government Ijarah Sukuk was inevitable. This platform will not only expand the scope of the debt market but also promote long-term financial avenues like corporate bonds and leasing.
He warned that Pakistan cannot achieve industrial expansion and export competitiveness solely by relying on bank loans.
However, the government must ensure that “InvestPak” does not merely become a new and convenient avenue to fulfill the borrowing needs.
The true efficacy of this system will only be realized if it is accompanied by strict fiscal discipline, a reduction in government expenditures, and the promotion of investment.
Mian Zahid Hussain further added that the corporate sector can utilize this platform to better manage its savings and surplus capital, while investors inclined toward Islamic banking can benefit from Government Ijarah Sukuk.
Nevertheless, the State Bank and FPCCI may jointly launch a robust awareness campaign in Urdu and other regional languages so that small traders and common citizens can fully grasp the system.
There must be complete transparency regarding profit margins, tax deductions, maturity periods, and price fluctuations in the event of the premature sale of securities.
Cyber security, a simplified registration process, and investor protection will serve as the ultimate guarantees of public trust in this platform.
Copyright Business Recorder, 2026
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