LAHORE
“The Pakistan Business Forum has called on the country’s policymakers to find a possible solution to clear the country’s debt. Without it, our economic growth will continue to deteriorate in the coming years.”
PBF Vice President, Chaudhry Ahmad Jawad stated these remarks on the eve of Quaid’s birthday cake cutting ceremony and said Pakistan’s total debt is around $125 billion as of today, and that’s certainly a lot of money for us but not for China and the United States.
The big Chinese and American companies are three times as big as our total debt. The value of China Petroleum & Chemicals Corporation is $326 billion and the value of Walmart Inc of the United States is worth $570 billion.
Jawad said the burden of paying foreign debt and paying interest is increasing in Pakistan. The country continues to borrow, mainly to pay back old contributions and finance its current account (CAD) deficit.
The solution is simple, we should permanently join the US OR China on the condition of repaying our country debt and we will be your ally being an ideal geographical location in the world with readily available warm water and one of the best military. And the $125 billion amount is nothing to them.
If not, we will remain in the vicious circle of the IMF and other funding agencies and therefore our rupee will be even weaker, as their condition is to consistently suprass the currencies of the underdeveloped countries. Likewise, we can increase our tax revenue, market traders must be in the tax grid with the flat tax method.
Even shops in rural areas too. Also our agricultural sector must be in the tax net those who have landholding of 12 acres and above. Similarly government expenditures must be reduced at an appropriate level.
PBF official called upon all political parties to agree on economic charter in order to ensure the continuity of economic policies. Pakistan should not afford new economic policy after every 5 years, that’s why our FDI’s are decreasing. As Quaid said “If we want to make Pakistan prosperous, we must focus only on the welfare of the masses”
Jawad further said PBF has supported the federal government’s decision to implement an energy-saving policy, which plans to close shops at 8pm and wedding halls at 8pm. 10pm due to the current difficult economic situation.
Our energy import bill has increased to $28 billion and continuing to increase like this will create more difficult situations, he asserted, adding that an energy saving policy Energy would guarantee national savings when the country imports oil and gas, meaning the country will save foreign currency.
We suggested the government that restaurant hours may be extended by one hour until 11pm. The rest is limited to wedding venues and shop schedules will be required by the hour. This will save over 62 billion rupees per year.
He said markets around the world close around 6 or 7 pm and Pakistan is the only country that is not using the benefits of daylight and the scheme is no longer being granted as the country is going through a difficult time through the difficult economic situation.
The current economic situation forces people to change their habits. If the country remains within its own resources, people must change their habits. Even in the very affluent Gulf countries, the market closes at 9-10pm.
“We should be telling people that the implementation of these measures is inevitable and Anjuman-e-Tajran should understand that it is necessary. You are not ready for a flat tax, nor are you in favor of the government’s energy dialogue policy. You must choose at least one; he lamented.
