The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Monday that until recently, no friendly country or international organisation considered Pakistan capable enough to remain afloat.
He said that local and international experts agreed that Pakistan was on the verge of bankruptcy. Still, the government and the army have achieved the impossible after accepting this challenge, for which the nation salutes them.
Talking to the business community, the veteran business leader said that Pakistan’s relations with the IMF and other international organisations are improving daily, the country’s global ranking is increasing, and a clear policy has been adopted regarding ties with neighbouring countries and terrorism, which is praiseworthy.
The business leader stated that the politics of arson and sabotage are in decline, which is having a positive impact on the economy.
Mian Zahid Hussain stated that the GDP growth estimate for the current year is 2.5% to 3%, while the volume of remittances from overseas Pakistanis is expected to be approximately $38 billion. By the end of February, the government’s foreign exchange reserves had reached $15 billion.
He stated that the current interest rate is 12% and that further reductions are possible, which would benefit the government, the business community, and the public, ultimately improving exports.
The country’s overall situation is improving rapidly; exports are also increasing, and the current account deficit is shifting from negative to positive. However, he observed that the problem of suppressing terrorism and restoring law and order still exists.
The people hope that the issue of terrorism will also be resolved with a clear, blunt policy and strict measures from the Afghan government.
Mian Zahid Hussain said that the IMF’s satisfaction with Pakistan’s economic performance proves that the country’s economy is moving in the right direction. Still, the pace of progress on important issues such as tax reforms, improving the energy sector’s performance, and developing the private sector needs to be increased.
He added that privatising failed institutions and reducing expenses are vital so that Pakistan can repay its loans. Whether the loan is taken in the name of economic recovery or for any other reason, the burden falls on the commoner.
He noticed that, until recently, the country had been experiencing a period of political chaos and power struggles; however, the political situation has now improved. The agricultural sector is still in a state of distress. Pulses, vegetables, fruits, milk, and cotton are being imported, and billions of dollars are being paid for them.
In a country with the best canal system in the world, small farmers are facing problems that are exacerbating poverty and unemployment in rural areas. The prices of agricultural inputs are skyrocketing, making life miserable for our farmers.
He noted that the area under cotton cultivation is continuously decreasing, and the authorities need to address the issue. Mian Zahid Hussain stated that the solution to increasing production per acre, reducing post-harvest losses of agricultural produce, addressing poor seeds and fertilisers, and other problems lies in corporate and cooperative farming.
