(November 07-2022)
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 the attack on PTI chief and former Prime Minister Imran Khan has widened the political divide in the country.
Political disturbance has increased in the country due to this incident while Imran Khan’s demand for the resignation of the Prime Minister, Interior Minister, and a top intelligence officer has added to the unprecedented uncertainty, he said.
Mian Zahid Hussain said that in response to the accusations, the army has dismissed the allegations as baseless and demanded an investigation into allegations against the ISI that would weaken the country.
Talking to the business community, the veteran business leader said that the political temperature in the country had already risen to an alarming level and the murderous attack has taken it to new heights, which has greatly increased the concern of the people and the business community.
The impact on the limping economy has accelerated which is not in the national interest. He said that even before the investigation of the incident, the flurry of accusations and conspiracy theories have made the situation complicated.
Mian Zahid Hussain said that the political situation is damaging the country’s economy. Despite loans from IMF, friendly countries, and other international institutions, the situation is not improving.
The current account deficit needs to be bridged and billions of dollars are needed to service debts and obligations which will be a challenge to manage, he added.
He noted that floods have caused at least $30 billion in damage, foreign exchange reserves can barely cover six weeks of imports, and the country’s ranking is falling, while the war in Russia and Ukraine has triggered oil and commodity prices.
The prices of many items, including food, are also skyrocketing. The burden of political and economic instability is also being borne by the local currency, whose value is not getting stable any time soon.
It is self-deluding to have any hope from investors in these circumstances because the business community believes that things will not improve but only get worse.
He said that external loans are a temporary solution, Pakistan’s economic problems will not be fixed without far-reaching reforms, while political tensions and accusations against the establishment are only benefiting Pakistan’s enemies.
