Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid
Rasheed Butt on Wednesday said the ongoing political crisis is weakening the economy.
The enemies of the country are celebrating the continuing political chaos in the country
with no sign of any relief, he said.
Shahid Rasheed Butt said that the country has been pushed into a serious political crisis
for the sake of political interests, for which the people are paying the price.
He said that the economy is weakening due to the negative tactics of some frustrated
politicians and if this process is not stopped, Pakistan will become a banana republic.
Dramas continue to be played in the name of democracy and the country is no longer able
to run without debts, he added.
The business leader said that politicians are not concerned about the economy of the
country and the repetition of failed experiments continues.
He noted that the Pakistani people are facing rising inflation, gas and diesel shortage,
wheat crisis, and mismanagement which has pushed about 80 million people below the
poverty line.
More than 200 million children are out of school, inflation is higher than in any other
country in South Asia, and the cost of living is steadily increasing along with the scarcity
of necessities.
International institutions and a large number of people are also not satisfied with the
economic mismanagement. The common person is not getting any relief while the poor
are being squeezed continuously.
Pakistan is now a debt-driven economy dedicated to the service of a handful of elites who
have damaged the economy for personal gains.
He said that there is a dire need for reforms and structural changes in the economy, which
have been continuously neglected. He said that 70 percent of Pakistan’s exports, worth 21
billion dollars, depending only on the United States and European countries, while the
annual remittances of 30 billion dollars coming to Pakistan also come from the United
States and its influencers.
The IMF, World Bank, and FATF are also under US influence therefore politicians
should stop making baseless accusations against powerful countries for cheap fame.
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