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 Wednesday said Pakistan’s economy is at a critical crossroads.
At this critical juncture, Pakistan cannot afford to annoy the IMF or any other international institution.
Mian Zahid Hussain said that violations of the agreement with the IMF should be stopped otherwise Pakistan will have to pay a heavy price.
Talking to the business community, the veteran business leader said that if the agreement made with the IMF is not respected, the arrival of its staff mission will be further delayed, which will have a negative impact on the economy.
He said that the IMF has objected to some of the government’s measures because it will reduce income and increase expenditure, but the government is adamant about implementing these measures, which has led to problems.
The IMF believes that in the future the income of the government will be less and the expenditure will increase, so responsibility should be shown in this regard so that the IMF’s ninth review can be started.
Mian Zahid Hussain further said that if the IMF staff is not satisfied with the performance of the government, the executive board of the international organization may take tough decisions, while the possibility of getting any concession from this organization in the near future may end.
If this happens, the attitude of other institutions and countries may also change, which will affect the restoration of infrastructure and people affected by floods.
He noted that nine million people are going below the poverty line due to the floods, which requires resources for rehabilitation, for which loans are essential.
Mian Zahid Hussain said that due to the sit-in in the country a few years ago, the important visit of the Chinese President was delayed for a year, which delayed the investment of 65 billion dollars, while now due to the ongoing political instability in the country, the visit of Saudi Crown Prince has been delayed due to which the total package of 17 billion dollars has been delayed which is unfortunate.
Political instability along with our breach of promises has also played a role in the delay in the visit of the IMF mission, he said.