(July 25, 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 constant appreciation of the dollar can bankrupt Pakistan like Sri Lanka so all possible steps should be taken to contain it.
The central bank should not play the role of a silent spectator to the depreciation of the rupee while the government should act against the black sheep of the currency market benefitting from uncertainty, he said.
Mian Zahid Hussain said that every passing day is weakening the economy which is worrisome.
Talking to the business community, the veteran business leader said that during the week, the value of the dollar increased by fifteen rupees in three days, which is enough to make the country a banana republic.
He said that a prominent economist of the country has termed the sharp rise in the value of the dollar as a deliberate plan against Pakistan that should be taken into account.
Due to the devaluation of the rupee, Pakistan’s debt and liabilities have increased by several thousand billion rupees, while inflation is setting a new record every day, which has made people’s lives a hell.
The increased value of the dollar is affecting the people and all sectors of the economy, but the manufacturing sector increases the prices immediately, but the people associated with the service sector cannot increase the price of their services immediately, which increases the financial pressure on them.
Mian Zahid Hussain said that as a result of the negative policies of the past several years, Pakistan has become isolated to such an extent that friendly countries are not ready to trust or lend, while important political figures are still far from any political or economic consensus.
He further said that the direction of foreign investment in the country also needs to be corrected because it is also causing shortage of dollars in Pakistan. Most of the foreign capital is invested in the country in water, juice, milk, food, banking and communication sectors which have no significant benefit.
Pakistan should promote foreign investment in technology and value addition to benefit from it, he demanded.
Mian Zahid Hussain said that economy cannot progress as the largest political province of the country is paralyzed for several months due to political reasons.