Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Friday that failed State-Owned Enterprises (SOEs) should be sold without delay to reduce the expenditure of the government. It seems that instead of reducing spending on the part of the government, consensus is being reached on statements. At the same time, there is no concrete plan to privatise failed government institutions, he said.
Mian Zahid Hussain said that the people have reduced their expenditure as much as possible to survive, and there is no room for further reduction.
Talking to the business community, the veteran business leader said that people are being frugal in fuel and electricity consumption. At the same time, they are forced to subsist on substandard food items, but the situation is still not under their control.
He said that immediate steps should be taken to eliminate the losses of government institutions and give immediate relief to the public.
The business leader said that the political instability that has been going on for the last six years has caused much damage to the people and the economy. IMF conditions and the continuous increase in gas, electricity, and fuel prices have left people drained.
He added that the country has not been brought to this state by the people, but failed government institutions, tax, electricity, and gas thieves are responsible for it.
Mian Zahid Hussain said that the condition of the people is getting worse; millions are becoming poor, and due to desperation, an unexpected reaction can come from them at any time.
He further said that stopping the smuggling of petrol and diesel from the border areas is welcome, stabilising the rupee’s value and increasing the government’s revenue.
There has been a shortage of many commodities in the country, notably the raw materials of the pharma industry, leading to a lack of life-saving drugs, he said, adding that due to the ongoing political and economic crisis in the country, everyone is being badly affected except the wealthy class.
Some people have shifted their capital abroad, and the situation in Pakistan cannot affect them. The solution to Pakistan’s problems lies in the privatization of failed government institutions, increased tax base, foreign investment, import substitution, and increased exports.
Managing situations by avoiding problems instead of solving them is no longer possible. For many decades, he warned that Pakistan has been using shortcuts to solve all kinds of corruption, mismanagement, and incompetence through borrowing instead of governance and reforms, and this will not be possible in the future.