(January 04-2023)
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 the economy is under rumors and has become weak due to various problems while the people are sinking in the mire of poverty.
Economists are failing to manage the situation therefore difficult decisions are being postponed, while the public is overwhelmed by inflation, which requires targeted subsidies urgently, he said.
Mian Zahid Hussain said that political compulsions should not be prioritized over the economy and serious efforts should be made to revive the economy otherwise the situation will go out of control.
Talking to the business community, the veteran business leader said that going to IMF is the only option that is being delayed which is tantamount to destroying the country’s economy.
Some politicians are claiming on a daily basis that the solution to all the problems is the election but they are not ready to give a plan beyond the election, which is an attempt to throw dust in the eyes of the people.
In the past too, they had claimed to make Pakistan a paradise with the help of two hundred economists, but after getting power, they ruined the economy.
Mian Zahid Hussain said that political instability and inflation are increasing rapidly, which has increased the anxiety and restlessness of the people and the foundation of the economy is shaking.
The burden of the government structure is increasing while various institutions are suffering from degradation. Rising deficits and debt payments have perplexed experts, he noted.
There has been a huge flour crisis in the country and its price has reached Rs145 per kg. Currently, there is a shortage of dollars in the country, its value and demand are constantly increasing due to artificial measures, leaving the value of the dollar to the market can overcome the shortage of dollars, he observed.
The business leader said that the electricity and gas bills have kept the public and the business community puzzled and no one not getting any relief.  Apart from this, millions of flood victims are waiting for relief under the open sky in this cold weather.
In these circumstances, the ruling coalition will have to give priority to improving economic affairs, ensuring national security, ending terrorism, improving relations with important countries and reducing its expenses, and reducing the focus on the opposition.
He welcomed the recent decisions of the National Security Council and said it will give the necessary confidence to the government to take tough measures.
