(April 04, 2022)
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Monday said that the country has been pushed into a serious constitutional and political crisis for the sake of petty interests.
Negative political tactics will further weaken the economy and if conspiracies were allowed, Pakistan will become a banana republic.
Mian Zahid Hussain said that dozens of dramas have been played in the name of democracy over the last seventy years and Pakistan is no longer able to withstand such irresponsible acts by those who matter.
Talking to the business community, the veteran business leader said that the country cannot run without loans but the authorities are constantly repeating failed experiments.
He noted that insulting the United States in the name of international conspiracy for domestic political interests could be extremely dangerous for Pakistan economically as 70% of Pakistan’s exports worth 21billion dollars depend on the United States and European countries alone.
Pakistan receives remittances worth $30 billion from the United States and its allies. The IMF, World Bank, and FATF are also under US influence, he said.
In such a situation, making a political statement against the United States could be extremely dangerous for the country, both economically and financially amid runaway inflation, energy and food shortages and record mismanagement.
Now, about 80 million people are living below the poverty line, more than 20 million children are out of school, inflation is higher than in any other country in South Asia, and necessities of life continue to become scarce and expensive.
Mian Zahid Hussain said that a large number of people are not satisfied with the economic management as the rate tax and the value of the dollar are constantly rising.
The common man is not getting any relief while the poor are constantly being squeezed.
Mian Zahid Hussain further said that in 2018, it was promised not to take foreign loans and to end the debts of the country but the record of debts was taken which is unprecedented in the history of the country.
Pakistan is now a debt-ridden economy and has been dedicated to the serve elites which has destroyed the economy and made the rupee as worthless as a tissue paper. The economy is in dire need of reform and structural changes which are constantly being ignored, he lamented.
