(30 July, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of and former provincial of Mian Zahid Hussain on Monday said congratulations messages and statements from Iran, US, Afghanistan India and visiting of Saudi and Chinese ambassadors to congratulate Imran Khan indicates strong bonding between the neighbouring friendly countries in days to come. USD which stood at Rs. 130.65 a day prior to election has reduced to Rs. 124.15 which has lower the rates of various products and reduced foreign debts burden by Rs. 600 billion approx.
The veteran business leader while talking to the business community said that easy loan of $ 2 billion by China will facilitate the incoming Government but due to worst economic condition, Pakistan seems to be compelled for another IMF program as reported by the global rating agency Moody’s. Major reasons for the declining economy include lower exports, declining foreign reserves, and weak global trade; turning the economic situation is the major challenge for the PTI’s government and public expects a lot from Imran Khan and his coming Government as they may turn the situation in favor of Pakistan.
The former minister said that reasons behind the economic failure are less competitiveness of the industrial sector, weak institutions, discriminated rule of law, increased corruption, higher cost of doing business and lower tax base. Pakistan also faces financial restrictions due to inclusion in grey list of Financial Action Task Force (FATF). All these reasons need to be addressed and resolved on early basis for the betterment of economy and stability of Pakistan. Steps to form good governance in the Country should be on high priority of the Government, without which we cannot attain the level of stability in any mean.
Mian Zahid Hussain said that if Pakistan is compelled to go for the next IMF it will result in stagnant economy due to strict conditions IMF usually imposes. Tax rate will be further increased which will boost the inflation and people from every sector of life will face problems. Last year GDP rate was 5.8 percent the highest in 13 years cannot be maintained despite the estimated 6.2 percent for the current year if IMF program is availed. Therefore, Imran Khan needs to ask the overseas Pakistanis to send more foreign remittances to improve the foreign reserves.
