(July-03-2023)Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt said on Monday the Finance Minister Ishaq Dar prevented the country from becoming bankrupt despite more than expected delay in the loan by the IMF.
During this time, he continuously assured the nation that Pakistan will not default, and ensured all the repayments on time, which is laudable, he said.
Shahid Rasheed Butt said that the commitment of the finance minister is commendable; we are proud of him and acknowledge his dedication.
In a statement issued here today, he said that now is the time to take substantial steps to correct the direction of the country’s economy and stabilize it.
Stabilising the economy is very important as soon as possible to free it from the shackles of international institutions, he added.
The business leader said that the agreement reached with the IMF is a very significant development, which is having positive effects at the domestic and international levels, but the economy will never develop with the help of loans.
What Pakistan badly need is political determination, supremacy of merit and action of the rulers to save the economy and if this is not done, the country will never develop and will always remain in need of loans, he observed.
Shahid Rashid Butt said that the country is in dire need of political stability, financial discipline, market based exchange rate and reforms in various key sectors including the bleeding energy sector, which should be strictly followed beyond political considerations.
He said that the previous governments took a lot of loans and made frequent claims to raise the economy to the sky, but instead of doing anything to stabilize the economy, they kept on stabilizing their politics.
