Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said on Monday that Finance Minister Ishaq Dar prevented the country from becoming bankrupt despite more than expected delay in the loan by the IMF. During this time, he continuously assured the nation that Pakistan would not default and ensured all the repayments on time, which is laudable, he said. Shahid Rasheed Butt said that the commitment of the finance minister is commendable; we are proud of him and acknowledge his dedication.

In a statement issued today, he said that now is the time to take substantial steps to correct the direction of the country’s economy and stabilise it.

He added that stabilising the economy is very important as soon as possible to free it from the shackles of international institutions.

The business leader said that the agreement reached with the IMF is a significant development that has positive effects at the domestic and international levels. Still, the economy will never develop with the help of loans.

Pakistan badly needs political determination, the supremacy of merit and the action of the rulers to save the economy. He observed that if this is done, the country will only develop and always need loans.

Shahid Rashid Butt said that the country needs political stability, financial discipline, a market-based exchange rate and reforms in various key sectors, including the bleeding energy sector, which should be strictly followed beyond political considerations.

He said that the previous governments took many loans and made frequent claims to raise the economy to the sky. Still, instead of doing anything to stabilise the economy, they kept stabilising their politics.