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 Friday said the political crisis in the country is increasing instead of decreasing.
The ranking of the country is continuously falling while the government is trying to deal with the inflation and last year’s current account deficit of 20 billion dollars, he said.
Mian Zahid Hussain said that all the conditions of the IMF have been fulfilled and according to the Finance Minister, a staff-level agreement will be concluded with the IMF in a few days.
Talking to the business community, the veteran business leader said that the meeting between ten leading businessmen with the COAS was a positive development in which the Army Chief has defended the government’s economic strategy and reiterated his commitment not to take sides in political issues.
After the meeting with the COAS, the general confidence of the business community has been restored and the business community stands with the country and the nation, he added.
Mian Zahid Hussain further said that the loan has also been received from the Commercial Bank of China, which has improved the foreign exchange reserves.
The economy is expected to improve after the agreement with the IMF. With the recent rise in the value of the dollar, Pakistan’s exports and remittances are also expected to increase.
Mian Zahid Hussain said that political instability has destroyed our economic potential. On one hand, life is getting tougher for the common citizen, on the other hand, due to political conflict, the country is becoming disturbed.
At this time, the entire nation needs to unite and focus on economic reforms so that the risk of bankruptcy in Pakistan is over.
Prime Minister Mian Shahbaz Sharif’s announcement of providing free flour to poor people during Ramadan is welcome, but to save people from long queues and panic, the government should consider giving cash subsidies to people instead of subsidizing utility stores.
The business leader said that the smuggling of dollars to Afghanistan from Pakistan is surprising because if dollars are being smuggled to Afghanistan, then what is Pakistan getting in return?
Mian Zahid Hussain said that the current economic crisis has affected the people, from workers, farmers, and traders to big industrialists. There is a shortage of goods due to import restrictions and large quantities of goods are coming to the markets through smuggling, which is increasing inflation, while the government’s tax is also affected.