Islamabad, July 18, 2022 (PPI-OT): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday said despite the agreement with the IMF, there are still serious threats to the economy. Loans of a few billion dollars cannot make a significant impact on the situation, as the government needs to start reforms, he said.

Shahid Rasheed Butt said that improving the economic conditions of the country is not the responsibility of the IMF, but the obligation of the government. Tackling the threats to the economy, stopping the fall of the rupee and finding a lasting solution to the rising inflation is also for the government to deal with, he added.

The business leader regretted that the monthly deficit is around four billion dollars and no progress is being made towards reforms to deal with the current challenges. Instead, dictation is being taken from international institutions. He said that Pakistan needs at least forty-one billion dollars this year, while the current account deficit may reach 17 billion dollars.

Despite the critical situation, Pakistani elites have maintained the record of paying the lowest taxes in the world, while the public is being burdened more than they can bear. The government and FBR are celebrating the achievement of the tax target, but the public is not being told that the high revenue results from endless imports and inflation, which is a source of regret rather than happiness.

No country can run on loans and aid forever, so if fundamental changes are not made in the economic structure, Pakistan will go bankrupt sooner than expected, he warned. Because of the decrease in the prices of palm oil in the global market, the prices of ghee and cooking oil are decreasing all over the world, so instead of making statements, relief should be given to the people, he demanded.

He said that the shops should be closed by evening and the incidents of Neelum Jhelum Power Project and Guddu Thermal Power Plant should be investigated. People should be given complete relief because of the reduction in oil prices in the international market as they have been braving an additional burden of approximately one trillion rupees ha through power tariff hikes and fuel price adjustments.

For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571