Importance of the charter of economy underlined amid a falling economy
\nRawalpindi
\nChairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Monday that most of the finance ministers have tried to prove themselves as the Messiah instead of correcting the economic corruption.
\nThese finance ministers have caused irreparable damage to the economy in a bid to gain popularity, he said.
\nMian Zahid Hussain 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.
\nTalking to the business community, the veteran business leader said that foreign ministers\u2019 gimmickry remained counterproductive and damaged our relations with the IMF and other international institutions.
\nHe said that after signing any agreement with the IMF, we cheated the institution by reducing the prices of gasoline and electricity against the agreement, which worsened the situation.
\nIn the past several decades, assurances have been given to the people and international institutions to sell off failed government institutions, implement necessary reforms, provide relief to taxpayers, bring non-taxpayers into the tax net, reduce deficits, and end smuggling, but this is not the case, he observed.
\nIn 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.
\nThe business leader said that even in these circumstances, the dollar\u2019s value may decrease to 50 rupees if political stability is ensured and serious steps are taken to increase exports.
\nMian Zahid Hussain said that according to some economic experts, the Pakistani rupee is 14 percent undervalued.
\nEvery government in Pakistan has claimed to improve the situation, but it has caused more damage to the country, for which the people have to pay a heavy price.
\nAs the country moves towards destruction, instead of finding a solution, loud claims are being repeated.
\nMian Zahid Hussain 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.
\nIn 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.
\nMian Zahid Hussain further 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Importance of the charter of economy underlined amid a falling economy Rawalpindi Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Monday that most of the finance ministers have tried to prove themselves as the Messiah instead of […]<\/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":[2625],"class_list":{"0":"post-353798","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-zahid-hussain"},"yoast_head":"\n