‘All political parties, establishment should join hands for economic revival’

KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance,

Mian Zahid Hussain said that it is very important for all the political parties and the establishment to come on the same page regarding the agenda of revival of the economy and for this, the military leadership has to play its role; otherwise, the promises of relief to the people will remain empty slogans.

He said that most of the finance ministers have tried to prove themselves as the Messiah instead of correcting the economic corruption.

These finance ministers have caused irreparable damage to the economy in a bid to gain popularity, he said.

He said that instead of increasing exports, boosting the tax-to-GDP ratio, and luring foreign investment, the finance ministers have been busy tampering with the exchange rate and interest rate, giving the impression of artificial growth.

In order to reduce the budget deficit, action is taken against taxpayers instead of tax evaders, and the people are squeezed more, but these policies will not last long because the entire country is protesting, he added.

He said that even in these circumstances, the dollar value may decrease to 50 rupees if political stability is ensured and serious steps are taken to increase exports.

Mian Zahid Hussain said that according to some economic experts, the Pakistani rupee is 14 percent undervalued.

He added that the top experts are included in the current caretaker government; more than two weeks have passed, but no reform agenda has come out yet, while the IMF review is also due in November.

In these circumstances, the government must immediately bring forward the agenda of privatisation of failed government institutions, increase the tax net, eliminate electricity theft and line losses, and take visible steps to increase exports.

Copyright Business Recorder, 2023