IMF conditions are harsh but there is no other option: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- January 25, 2023 (PPI-OT)

Following is the text of press release issued by Pakistan Businessmen and Intellectuals Forum (PBIF)

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Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the IMF officials have become tired of promises and assurances and they will not act unless Pakistan takes action. Government must take the required decision to initiate the ninth review of the international organization, he said.

Mian Zahid Hussain said that the finance minister of the former government delayed the agreement with the IMF until he was fired, but his delay led to the collapse of the economy. Now the current government is repeating the same mistake while delaying the agreement which ruining the economy.

Talking to the business community, the veteran business leader said that the terms of the IMF and the proposed mini-budget will prove a disaster for the people, but it is necessary for the survival of the county. Apart from elitism and wrong policies, the economy has been damaged as a result of the epidemic and the Russia-Ukraine war, and to get out of this situation, Pakistan has to abide by strict IMF conditions.

There is no option but to accept the conditions and get its financial support as Pakistan has almost exhausted its foreign exchange reserves. Attempts were made to run the economy without the IMF which achieved nothing but economic misery and public anger. Now the friendly countries have also refused any kind of help and have made it clear in clear words that to get their help, Pakistan has to put its house in order.

In these circumstances, the government has decided to present a mini-budget while the determination of the value of the dollar will also...