Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said the loans serve the interests of the elite while the people have to pay these debts and interest.
Social and economic life is being severely affected due to high inflation and the current precarious situation is like a time bomb for the country which could explode at any time, he said.
Shahid Rashid Butt said that poverty in the country is increasing rapidly. The majority is unable to get proper food, which is resulting in unrest and crimes.
Inflation is squeezing the masses, but the government is using the fluctuations in commodity prices in the world market as a justification for inflation in the country that no one believes, he added.
The business leader said that the central bank and finance ministry and other departments often reassure the public that inflation will come down in three or six months, but this is not happening.
Exports are not growing more than 31 billion dollars, while imports have reached 70 billion dollars resulting in higher deficits, but the government lacks the capacity to resolve the issue, he observed.
He noted that foreign trips and borrowing has not helped the country over the last seventy years, and it will not help the country in future.
Pakistan’s problems will have to be resolved by itself and not by foreign countries or international institutions.
He said that apart from the government, the opposition also has no economic agenda; otherwise, they would have brought it before the public.
The economy has sunk to such an extent that even if there is a major political change, it will not matter because neither the government nor the opposition has any interest in the difficulties of the people.
Rulers have always preferred to promote nobility at the cost of the poor.
