President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said due to ongoing financial crisis in Pakistan, the international credit rating agency Fitch has changed Pakistan credit rating to negative from B. The decision came on the basis of increased budget deficit, which was 4.7 of the GDP in 2017 has risen by 0.9 percent to 5.6 percent of GDP in 2018; reduction in foreign reserves and expectation of increased foreign debts by 2019. Moody’s has also changed country’s credit rating to negative earlier in 2018 due to similar reasons. It is vital to improve Pakistan’s economic impression internationally and achieve stable ratings, in order to gain confidence of foreign investors.
The veteran business leader said that curbing the ongoing economic crisis, improving exports and stabilizing the national economy are big challenges to newly elected Government, Prime Minister Imran Khan and expected finance minister Asad Umar. Common masses and the business community have eyes on the new government for resolving all issues especially pertaining to economy and strongly believe that Imran Khan and his team will successfully compete in this situation while effectively playing their role in taking Country’s economy out of all odds.
The former minister said that Pakistan has been into 12 programs of IMF since 1980. Currently Pakistan is looking for several options including China, Saudi Arabia, overseas Pakistanis, Islamic Development Bank and IMF. But going into another IMF program will seriously impact every field of life including GDP. According to intelligence unit of the Economist’s survey, Karachi is on 137th number on the global liveability index of 140 cities across the globe, which is highly considerable for the government especially Sindh government, he added.
Mian Zahid Hussain said that we believe that elected assembly members from Karachi and the ruling Party PPP under the leadership of Bilawal Bhutto and Chief Minister Murad Ali Shah will take immediate measures to make Karachi a better place to live. According to the Economist, Karachi stands at 48 percent in infrastructure, 67 percent in education, 39 percent in culture & environment, 46 percent in health care and 25 percent in stability, while Vancouver of Canada stands at 95 percent in stability and 100 percent in remaining sectors. Foregoing all political controversies all elected members of Sindh government and assembly should together work for the betterment of economic hub and mini Pakistan, Karachi in order to make the City’s image better. All relevant institutions should work for making Karachi improved with respect to political, economic and environmental stability, he added.