Serious economic problems awaiting the new government

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ISLAMABAD: Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Saturday that significant economic challenges await the incoming administration as the middle class is dwindling, and the impoverished face extreme hardships. He said that after the transition to power, the rulers would have to pay close attention to the economy so that the country’s threats could be reduced and the people could experience some relief. Shahid Rasheed Butt said in a statement issued here today that, at present, inflation is on the rise despite having interest rates at the highest level of twenty-two percent; price shocks have made life very difficult for the middle class and people experiencing poverty, and inflation has made survival very difficult. He said the new government should avoid deciding to seek quick popularity and focus on achieving long-term results. He added that electricity, oil, and gas prices are bleeding the public white. The business leader said that interest rates have made it impossible to do business; foreign debt has reached $128 billion, while this year, about $ 28 billion and $ 77.5 billion loans to August 2026 need to be paid. DNA