The members of Hamdard Shura Karachi chapter have expressed deep concern over the mounting external debt of the country and emphasized the importance of adopting long-term policies for Pakistan’s financial stability.
On the request of the president of the Hamdard Foundation Pakistan, Ms. Sadia Rashid, the monthly meeting of Hamdard Shura titled: “Will we always be stuck in the swamp of debt?” was held at the Hamdard Corporate Head Office. The session was presided over by General (retd) Moinuddin Haider.
The guest speaker, esteemed economist Dr Shahid Hasan Siddiqui, stated that the economy of Pakistan is dominated by the elite class. He noted that policies formulated at both federal and provincial levels primarily serve the interests of this group.
He said that over the past few years, Pakistan’s external debt has surged notably. However, these loans have failed to benefit the average citizens; instead, inflation has risen considerably. Consequently, these recent years have marked a period of severe economic downturn for Pakistan, Dr Siddiqui observed.
He further said that due to inflation and unfair profit-making, a small group accumulated significant wealth while poverty worsened across the country. He said it’s crucial to stop favouring the elite. Sadly, there wasn’t any rise in the budget for education and healthcare. The continuous rise in the prices of essential materials made it tougher for local businesses to compete globally.
Zafar Iqbal, Justice (retd) Zia Pervez, Engr. Ibn-ul-Hasan, Naushaba Khalil, Engr Anwar-ul-Haq Siddiqui, Cdre (retd) Sadeed Anwar Malik, Professor Dr Tanveer Khalid, Senator Abdul Haseeb Khan, Huma Bukhari, Dr Amjad Jafri and Col (retd) Mukhtar Ahmed Butt emphasized the need to formalize the economy.
They suggested implementing reforms in the energy sector. There is a need to renegotiate contracts with independent power plants and explore new sources of renewable energy. Boost remittances by making deals with friendly nations for skilled workers. Additionally, taxes should be imposed on the property and agriculture sectors. While Pakistan has abundant natural resources, we lack the human and financial resources to effectively utilize and sell them globally.
They said that promoting technical education and training is urgently required, along with modernizing the manufacturing sector. With government support, the SME sector in Pakistan can thrive, and local industries should be encouraged. Pakistan has the potential to enhance the value of global products and re-export them to various markets.
They further said that corruption has deeply permeated society, contributing to social deterioration. Mismanagement is at the core of many of Pakistan’s challenges. Effective administration can mitigate numerous problems. Emphasizing ethical values in society, starting from the school level, is crucial.