Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said on Tuesday said that Pakistan has no option but to seek respite from debt repayment. He said that if China, Saudi Arabia and other friendly countries do not give a few years to repay the loans, the government will be bankrupt in a few months.

Shahid Rashid Butt said in a statement today that the politicians want loans from the IMF to save the country from default. Still, at the same time, they are also making continuous accusations against it.

The IMF program is not restored in any way, and it will expire in ten days as the lender has asked Pakistan to manage six billion dollars, which could not be done.

IMF is also unhappy over Pakistan’s interference in the currency market, and the budget is not according to their wishes. Many international and local experts believe that no effort has been made to solve the economic crisis in the budget. Still, he said that pressing problems have been avoided by temporary measures, worsening the situation.

The business leader said there was an urgent need to deal with the dangerous economic situation effectively. Still, it was not done because political objectives were more important to the politicians than the country’s economy. Now, Pakistan needs urgent debt restructuring efforts to improve the economic situation and recover the confidence of the business community, which is rapidly decreasing.

We currently have four billion dollars in the country’s treasury, while almost two billion dollars are to be repaid every month, which will only be possible by getting new or restructuring old loans.