Pakistan's economic model remains defective, needs overhaul: Mian Zahid.

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 Pakistan's economic model has been corrupted since day one.

Its entire focus is on raising living standards through imports, spending more than income and then rewarding the elite with loans and burdening the masses, he said.

Mian Zahid Hussain said that such a defective model is enough to make any rich country poor.

Talking to the business community, the veteran business leader said that the economy of Pakistan depends on imports which are three times more than our exports.

Our period of growth has never lasted more than two or three years, followed by crisis because this growth is dependent on imports, which increases the wealth of the elite but does not trickle down to the poor masses, he added.

Since 1958, the twenty-three programs of the IMF and the huge loans obtained from other sources are a clear indication of our negative policies.

Every time country grows by five percent or more, foreign exchange reserves fall by twenty-five to fifty percent as a result of paying for imports, which is proof that this growth is false.

Mian Zahid Hussain said that Ayub Khan's era is considered to be the golden age in terms of economy, in which...