Thursday, October 29, 2020

Exchange rate erosion, increasing cost of energy a wakeup call: Mian Zahid

Featured

Armenian defense denies targeting civilian sites in Azerbaijan

The Armenian Ministry of Defense denied targeting civilian sites in Azerbaijan, according to an urgent news broadcast, Azerbaijan announced...

Harris promised to end Trump’s policies on asylum restrictions and ensure immigrant dignity

Democratic candidate for US Vice President Kamala Harris promised to work with Democratic presidential candidate Joe Biden to put...

Covid-19 vaccine could be available by end of the year: Fauci

Before the end of this year, it will be possible to know if there is a vaccine against COVID-19...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said the country is passing through a critical phase therefore all the political parties should shun differences to support charter of economy. The government should provide enabling environment to make charter of economy a success as the inflation has taken the cost on the poor and middle class who deserve some respite, he said.

Talking to the business community, the veteran business leader said that exchange rate erosion, increasing cost of energy, fall of the stock market and budget differences should be taken seriously by the government.

Mian Zahid Hussain said that despite best efforts, the government has failed to provide any relief to masses while the opposition is cashing on the situation without focusing on the resolution of the problems.

The former minister noted that government should form a high-level committee encompassing all the political parties which should try to salvage the economy. All the political parties have a general consensus on defense, foreign policy and terrorism, therefore agreement on the economic issues is not very difficult. The committee should be above the political considerations as the political parties can join hands to improve the economy without compromising of their stance for the sake of the country.

Mian Zahid Hussain said that economic decisions not be based on political concerns is the best way to ensure rapid national development. He said that loans will never help the country overcome problems as it can provide temporary relief otherwise borrowing worth $ 100 billion would have made Pakistan a developed nation.

The government’s efforts to raise revenue are not satisfactory resulting in borrowing as the economy remained unbalanced. Regional countries have tax to GDP ratio of 18 to 20 percent while in Pakistan it is almost half of it.

Read also: Higher taxes on liquefied gasses to hit economy: Mian Zahid

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
- Advertisement -

Latest News

Telenor Pakistan Bags Network Transformation Awards 2020 for CCS

In line with its commitment to strengthening the pillar of connectivity and providing high-quality broadband services across the length...

Shell Pakistan announces a profit in Q3 2020

The Board of Directors of Shell Pakistan Limited (‘SPL’) announced the third-quarter results for the company. Shell posted an after-tax profit of PKR 1,812...

Armenian defense denies targeting civilian sites in Azerbaijan

The Armenian Ministry of Defense denied targeting civilian sites in Azerbaijan, according to an urgent news broadcast, Azerbaijan announced that 4 civilians were killed...

Harris promised to end Trump’s policies on asylum restrictions and ensure immigrant dignity

Democratic candidate for US Vice President Kamala Harris promised to work with Democratic presidential candidate Joe Biden to put an end to the policies...

Covid-19 vaccine could be available by end of the year: Fauci

Before the end of this year, it will be possible to know if there is a vaccine against COVID-19 that is "safe and effective"...

Related News