Repeating blunders of previous regime will have consequences: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- November 18, 2022 (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 the postponement of the IMF ninth review mission is very dangerous. The economy does not have the capacity to oppose the IMF, so the agreement made with the international organization should be respected, he said.

Mian Zahid Hussain said that the former government did not show seriousness in dealing with the IMF, as a result of which the economy was ruined and the rupee became as worthless as tissue paper, the effects of which will take at least ten years to recover. Talking to the business community, the veteran business leader said that the mistakes of the previous government should not be repeated.

Pakistan can get a tranche of 894 million dollars only after the success of the ninth review of the IMF, but neither the flood damage has been accurately assessed nor the revenue has been increased as per the deal with the lender, he added. The business leader said that no specific measures have been taken to increase revenue, reforms in the energy sector are not being made and sales tax on petroleum products is being delayed and which is unacceptable to the IMF.

He said that while the foreign exchange is being saved and the deficit is being reduced by controlling the imports, the...