Poor political, economic governance bankrupted country: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- January 20, 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 Friday said Saudi Arabia has asked Pakistan to initiate reforms before obtaining a loan that has sounded an alarm bell for Pakistan.

Pakistan urgently needs loans to run its economy but the need for economic reforms to achieve self-reliance cannot be denied, he said. Mian Zahid Hussain said that the policy of overdependence on imports has played a major role in the devastation of the economy.

Talking to the business community, the veteran business leader said that people should not be deceived by policymakers who put the blame for the economic disaster on external factors. Attributing the events happening in different parts of the world cannot absolve the policymakers of their responsibility.

He said that the reason for Pakistan's recent problems is the pandemic followed a super cycle in prices and Russia's attack on Ukraine and recent floods. However, nothing was as damaging for the country as the endless greed of nobility which has pushed the country to the brink, he added.

Pakistan has taken loans from the IMF 23 times and the country is facing difficulties in payments for the thirteenth time since 1988, but despite this, there has been no clear change in policies. PPP has knocked on the doors of the IMF six times, PML-N has borrowed from IMF four times, General...