On Saturday, former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said the country had been saved from bankruptcy. He added that the country and 220 million people had been saved from the serious repercussions that would have resulted in unprecedented price hikes of essential items and all other things. He said that in case of a default, the people would have starved, and the country would have plunged into chaos.
Shahid Rasheed Butt said in a statement today that the public and the business community are happy that the country has survived, hoping for an improvement in the country’s global ranking and general economic conditions. However, he said, the news of a deal with the lender has struck a rogue party and self-serving politicians like lightning.
The business leader said that a party’s central leaders had frequently predicted Pakistan’s bankruptcy for fifteen months and are now mourning. The seditions were waiting for the country’s bankruptcy and were constantly spreading frustration among the people, but he remarked they had failed miserably in their unholy designs.
He said a rejected gang wanted a civil war in the country, but their plans were thwarted.
Some politicians object to the agreement with the IMF, but they are mum over that the former government set a record by taking foreign loans of fifty-eight billion dollars in their few years.
The former cabal wasted all the loans and introduced damaging policies that pushed the country to bankruptcy.
He said Pakistan’s economy is 350 billion dollars, while by December 2022, it had a debt of 126.3 billion dollars. Debt could only be repaid if the government complies with the IMF agreement and stop the elite from wasting resources.
Since the 1950s, loans have been taken from the IFF almost two dozen times, and now this series needs to be stopped, for which meaningful reforms are needed.