Islamabad, January 23, 2023 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Monday said claims by some political parties to manage the country’s shattered economy have proved wrong.

Both the government and the opposition are giving priority to politics over the state, which has brought the economy to the deathbed, he said.

The political coalition considers it an art to postpone important decisions, take reforms as a burden and cannot agree on matters of critical importance, he added.

Shahid Rasheed Butt said that due to the lack of good governance, the country is currently suffering from alarming economic and social stagnation and the trust of the international community has been lost, which is causing the entire system to collapse.

He said that the demands of the IMF are constantly being avoided while the policymakers know that short-term pain will lead to long-term relief but are not ready for it.

People will have to suffer in case of acceptance of the conditions of IMF but the country will be saved and if the demands are not accepted, the masses will have to suffer more, he added.

The government faces an uphill task on the economic front amid a devaluing currency, rising inflation, depleting forex reserves, and a stalled IMF programme.

Despite the repeated assurances that inflows would begin this month, their claims have not yet materialised, resulting in market turmoil.

The elites, who are the root of all the problems, are unlikely to share the slightest burden of painful adjustments masses will have to face.

Elites have played a significant role in the destruction of the country’s economy, he said adding that the endless greed of aristocracy has proved a disaster for the country.

Pakistan has suffered decades of bad governance that has bankrupted a prosperous country. The elites who loot the country’s resources are strongly opposed to reforms in any sector including the economy.

If the elites who are plundering this country for seven decades failed to play a positive role at this critical juncture, they would not be forgiven by the public, he warned.

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