Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Friday that the country is facing serious economic, political, and environmental crises. Authorities are trying to manage problems temporarily with some success, but he said serious matters should not be taken lightly.
Mian Zahid Hussain said that lessons should be learned from the countries that have gone bankrupt recently, and negotiations should be started without delay for new loans from the IMF.
Talking to the business community, the veteran business leader said that in addition to the IMF loan, efforts should also be made to restructure the domestic and foreign debt; otherwise, the IMF loan will not be able to help much.
He said that sloganeering against the IMF should be stopped, and decisions should be taken according to ground realities because the current crisis is more serious than all the past crises.
Mian Zahid Hussain said that foreign investment of 100 billion dollars can change the destiny of Pakistan, but it will take some time.
The business leader noted a need to facilitate investment and business in Pakistan, reduce electricity and gas prices, make the tax burden fair, and equip the youth with technical education.
He observed that with the current actions of COAS General Asim Munir, the situation has improved somewhat; the rupee has strengthened, smuggling has decreased, and the price of sugar has also come down. But exports and remittances are falling, which will widen the current account deficit, which needs urgent attention.
Many politicians are constantly playing games, affecting the business community’s confidence. The reasons behind the serious economic crisis and continuous decline in exports, remittances, and production include high business costs, losses in the power sector, failed government institutions, etc.
Loss-making enterprises need to be privatised immediately. The tax base can be increased by eliminating the undocumented economy, which can significantly increase tax revenue.
Moreover, documenting the economy can also eliminate the hoarding of goods through black money. The documented sector and people will continue to suffer due to the price of oil, gas, grain, ghee, etc. and increased terrorism unless something is done, he said.