DEBT CANCELLATION WILL NOT RESOLVE THE CRISIS: MIAN ZAHID HUSSAIN.

FPCCI's Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the ongoing situation can result in the bankruptcy of over one hundred countries. Many countries are using their total revenue to service debt and liabilities leaving little room for public health and social welfare, he said.

Mian Zahid Hussain said that developed nations are ignoring debt cancellation however termination of debt will not resolve the issue faced by the poor countries but it will delay the crisis for a few years. Talking to the business community, the veteran business leader said that Lebanon and Argentina were bankrupted before the coronavirus devastation which many others were on the brink. Many countries are forced to spend a substantial amount on repaying debt as compared to public health amid an emergency.

There are countries without ventilators and without a single ICU while million shave not seen a doctor in their life. The poor countries are demanding debt cancellation which if accepted will provide temporary relief and dozens of...