Islamabad, September 21, 2021 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday said the government is axing its own feet by promoting inflation through unpopular decisions and neglecting the plight of the poor. The Covid-19 outbreak has badly affected Pakistan’s economy. Problems created by a sudden surge in unemployment has worsened by rising inflation, he said.

Shahid Rasheed Butt said that poor households were left on their own to deal with their financial problems as there is no state-owned institution that takes care of the poor and vulnerable. No one is willing to listen to the problems faced by the poor. Many people are struggling to get food on the table. The government needs to create job opportunities for the people and take steps to bridge the widening gap between the country’s haves and have-nots, he added.

The business leader said that the coronavirus has damaged the global economy and now IMF and other international institutions are bent upon destroying developing countries through their negative policies. Poor countries are facing healthcare crisis, falling exports, high commodity prices, increased borrowing, balance of payment crisis and reduced revenue due to pandemic but they are not being bailed out, he said.

Pandemic has resulted in massive economic contraction but rich nations and international institutions have so far preferred not to help them but rely on cosmetic measures, he added. Shahid Rasheed Butt said that rich nations are not contributing positively to the situation but trying to get maximum benefit out of it which is pushing millions below the poverty line.

He noted that there is a limit to austerity and developed nations should realise that their old prescription will not work in this new situation. Poor countries in Asia and Africa need $450 billion assistance to face the impact of pandemic and combat poverty but it is nowhere to be seen.

The business leader noted that the International Development Association, the lending arm of the World Bank, is still preferring lending to the private sector avoiding poor countries which is unfortunate. Shahid Rasheed Butt said that developed world has surplus resources and more vaccines than needed but they are not ready to help poor countries so that they can come out of the external debt overhang.

So far poor countries have injected just two percent of their adults because they are being denied vaccines, while rich countries have already fully immunised more than 60 percent of their population and they continue to monopolise access to doses for their own motives.

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