ICST slams govt for following IMF decisions

Islamabad: Pakistan Tehreek-e-Insaf remained successful in the last general elections but failed in dealing with the IMF according to the national interests, claims Shahid Rashid Butt, Founder of Islamabad Chamber of Small Traders.

Masses and the economy are paying the price of wrong decisions and inaction of the government while all the critical decisions are being taken by the IMF officials, the business leader alleged.

The new governor of the State Bank lacks experience and he is in the habit of looking towards every problem through IMF’s optical prism which is contrary to the interests of Pakistan, he added.

Shahid Rasheed Butt who has also served as President ICCI and Patron ICST said that government delayed IMF program for nine months which was criminal as it helped the later to gain ground and dictate harsh conditions.

The veteran business leader said that the local currency is dropping every day, businesses are being closed, people are losing jobs while anxiety is touching skies but the government seems unconcerned.

He noted that the tariff of electricity and gas would be increased soon, the price of oil will be revised upward and rupee will be further damaged leaving masses bewildered. Keeping foreign policy independent will be a challenge for the government while the government can be asked to adopt the US dollar as local currency as the rupee has become worthless.

Many western economists give the example of around two dozen countries and territories using American currency as their local currency while many countries continue to use dollar alongside their own currencies.

He said that Pakistan is blessed with natural and human resources, corrupt bureaucracy and dishonest politicians which are pushing masses to the brink which can result in massive civil unrest.