RECORDER REPORT

KARACHI: President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has expressed concern over the government spending, increasing value of dollar, inflation and unemployment.

He noted that industrialists and traders have started agitation as the energy prices have been revised upward for the eleventh time in ten months whereas people still remain doubtful about amnesty scheme.

Therefore, he urged the government must take right decisions to avoid an interruption in economic activities.

“Pakistan Army Chief General Qamar Javed Bajwa has rightly pointed out issues that keep economy hostage,” Mian Zahid said, lauding the COAS views.

He cited that the army chief spoke at a seminar at National Defence University where he linked revival of economy with sovereignty which indicates his interest in improvement of overall economy which is praiseworthy.

He said the cited remarks indicate that the government and army are on the same page and striving to revive the limping economy.

PBIF president further said that the decision of the army to freeze budget was a move to share the government’s burden but it could have an impact on the challenging security environment.

He noted Gen Bajwa blamed former rulers for fiscal mismanagement avoiding tough decisions but also hoped that the incumbent government would improve economic situation.

Army chief also said that not only the government and the army but all sections of the society must come forward to discharge national obligation of rescuing the sinking economy as many nations have done it in the past. The COAS also noted that political stability and national unity are the prerequisites for development for which the Prime Minister is in contact with the masses.

Mian Zahid noted that foreign loans have surpassed $ 100 billions, revenue shortfall has jumped to Rs 400 billion, GDP gone down from 6.2 percent to 2.7 percent, the discount rate is over 12percent, and devaluation has not helped boost exports.