{"id":182386,"date":"2021-03-26T18:59:36","date_gmt":"2021-03-26T13:59:36","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=182386"},"modified":"2021-03-26T18:59:36","modified_gmt":"2021-03-26T13:59:36","slug":"long-term-gains-shouldnt-be-compromised-for-pity-benefits-fpcci-zahid-hussain","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/long-term-gains-shouldnt-be-compromised-for-pity-benefits-fpcci-zahid-hussain\/","title":{"rendered":"Long-term gains shouldn\u2019t be compromised for pity benefits: FPCCI Zahid Hussain"},"content":{"rendered":"<p>Karachi March 26 (Online): Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday welcomed Pakistan\u2019s re-entry to the $6bn IMF programme.<br \/>\nThe development will improve confidence of the developed world and international institutions but it would be at a cost, he said.<br \/>\nMian Zahid Hussain said that the process of reforms is underway for decades but the focus is not national development but to please the lenders.<br \/>\nTalking to the business community, the veteran business leader said that the IMF directives have damaged the economy and masses before the pandemic and it is feared that with the new development masses will have to face a new round of inflation, unemployment and business closures.<br \/>\nHe said that the economy and masses cannot withstand the harsh IMF conditions which include cutting developmental spending, reducing subsidies, increasing taxes and hiking power and gas tariff which will stoke poverty.<br \/>\nThe so-called reforms will push many businesses into the loss which many would be closed while withdrawal of corporate tax exemptions to the tune of Rs140 billion will hit confidence and new investments, he observed.<br \/>\nHe noted that the IMF has never pushed Pakistan to reduce inefficiency and corruption in important institutions but it has always targeted the poor.<br \/>\nThe move to make SPB independent is said to be aimed at helping the economy and the poor but the fact remains that it will increase the burden on the masses and taxpayers.<br \/>\nHe said that long-term gains should never be compromised for short-term benefits. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi March 26 (Online): Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday welcomed Pakistan\u2019s re-entry to the $6bn IMF programme. The development will improve confidence of the developed world and international institutions but it would be [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":127540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-182386","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Long-term gains shouldn\u2019t be compromised for pity benefits: FPCCI Zahid Hussain<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/long-term-gains-shouldnt-be-compromised-for-pity-benefits-fpcci-zahid-hussain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long-term gains shouldn\u2019t be compromised for pity benefits: FPCCI Zahid Hussain\" \/>\n<meta property=\"og:description\" content=\"Karachi March 26 (Online): Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday welcomed Pakistan\u2019s re-entry to the $6bn IMF programme. 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