Govt urged to seek alternative solutions to economic issues

FAISALABAD: Musadaq Zulqarnain, a top Textile Exporter and Chairman of a private venture advised the government to address economic challenges through alternative proposals rather than adhering to the terms of the loan obtained from the International Monetary Fund (IMF).

He suggested that instead of implementing IMF directives, the federal government should reconsider the National Finance Commission (NFC) awards to allocate attention to provincial subsidies for various sectors such as energy, agriculture, industry, or social welfare programs like the Benazir Income Support Program.

He proposed that instead of continuing subsidies, the burden should be shifted to provinces to manage subsidies for social welfare programs. Expressing concern over the potential role of NFC awards, he stated that instead of making NFC awards responsible for Pakistan’s economic challenges, the government should focus on eliminating the fundamental flaws causing the current economic crisis.

He emphasized the need to document the undocumented economy to mitigate the shrinking resources of Pakistan and take measures to increase productivity to achieve long-term economic prosperity.

Stressing steps to deal with the economic crisis, he stated that the government should focus on sustainable solutions and reforms rather than short-term measures prescribed by the IMF to benefit the country.