Former President of the Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Sunday said Punjab Chief Minister has sent a summary to the governor to dissolve the assembly, which has aggravated the ongoing political crisis in the country.
Hopes of improving the economy have also died amid a political storm as all the attention of the rulers will be focused on politics, he said.
The political struggle will damage the economy and make the life of the people more difficult, he added.
Shahid Rashid Butt said that the move of CM Punjab has created a constitutional crisis in the country, while the new election will cost billions of rupees.
He said that the previous government tried four finance ministers, but the economic situation worsened instead of improving; the current government is also trying a second finance minister but to no avail as the situation is getting worse day by day.
The situation of food grains in the country is also continuously deteriorating and people are running after flour which is a glaring example of the incompetence of the authorities, he said, adding that policymakers are trying to calm masses with the an outdated method of statistics, he added.
The business leader said that the government is trying to keep the value of the dollar artificially low which is damaging the domestic economy.
It has contributed to the volatility and the illegal business of Handi is thriving in the current uncertain situation.
Increased political tensions have made it impossible for the government to take tough decisions which are necessary for the revival of the IMF program.
Some economic managers believe that they will convince the IMF to relax their conditions, which has nothing to do with reality.
If the IMF program is not restored, the weakening currency will collapse and the country will go bankrupt, he warned.
The resumption of the IMF programme is not all that is needed to address the current economic troubles but it is a vital stepping-stone to acquiring more loans. It is not just the external debt, but mainly the massive internal debt that has brought the country close to bankruptcy.
The major problem is that this nation has been living beyond its means for a very long time and borrowing money even to run the state which is no longer an option now.
