Former President of the Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt said on Wednesday said that the current alarming situation of the economy is the result of the disastrous policies of the previous government. He said that the national leaders are trying to save their politics instead of doing something for the state.
Shahid Rasheed Butt said that instead of announcing plans A and B and making decisions based on assumptions, an immediate loan should be taken from the IMF. In a statement issued here today, he said that without the IMF programme, the country would face more inflation, unemployment and lawlessness.
The country is going through the worst economic crisis in its history; strict measures and a new IMF program are needed to save it from bankruptcy.
The tough conditions of the IMF are troubling, but without them, it is impossible to overcome the economic crisis, he added.
He said that the government should control the budget and current account deficits, increase exports, reduce revenue and expenditure, and expand the tax net.
The time has come for the rulers to see things disregarding the political interests like imposing taxes on agricultural income, real estate, wholesalers and retailers and getting rid of government companies that lose trillions of rupees annually.
He said that practical and permanent steps should be taken for agriculture reforms which would improve the rural economy.
Despite being an agricultural country, he observed that Pakistan imports items worth billions of dollars, and the current food import bill alone is enough to bankrupt the country.
Shahid Rashid Butt said that until the rulers start working with political determination, the country’s economic problems cannot be solved.