Islamabad
\nChairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Friday that elections had been held, and the people are now waiting for the official results.
\nHe said that when the new government is empowered, it must start preparing the budget and plan for debt repayments.
\nMian Zahid Hussain said the government will need another IMF program for debt servicing as the current agreement will be completed by the end of next month.
\nSpeaking to the business community, the veteran business leader said that all the political parties have prioritized the economy in their manifestos, so the public hopes that the new government will take steps to provide some relief amid severe economic punishment.
\nThe business leader said servicing local and foreign debt had become a major problem. The volume of these loans and their interest has increased so much that the government is forced to borrow even for operational spending.
\nThe main reason for the increased debt is the tax system\u2019s weakness. In addition, large sums of money have been wasted on political agendas rather than improving the economy.
\nHe said the resources have been wasted on many poorly designed projects, most of which have been completed for political benefits.
\nMian Zahid Hussain said that the debt has reached 82 % of the GDP, 667 % higher than the government revenue, which equals 328 % of our exports.
\nHe said the country\u2019s debt has doubled in the last seven years to $ 124 billion, of which 22 % is to be paid in less than one year, which is a big challenge.
\nHe noted that political leaders and the establishment have become convinced that the country can no longer be run as if it were going on. Many believe the situation will get out of hand without improvements and strong decisions.
\nHe said that what the new government will do to provide relief to the masses remains to be seen.
\nIt is expected to improve tax administration, tax agricultural incomes, and boost industrial and agricultural sectors.
\nTaxing wholesalers and retailers and reducing the volume of the undocumented economy are necessary for the country\u2019s survival.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Friday that elections had been held, and the people are now waiting for the official results. He said that when the new government is empowered, it must start preparing […]<\/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":[909],"class_list":["post-386163","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-mian-zahid-hussain"],"yoast_head":"\n