Business community laments political crisis

KARACHI: The country has plunged into a serious political and constitutional crisis on account of vested interests. The political turmoil will further destabilise the stumbling economy. It was stated by industrialist and former provincial minister Mian Zahid Hussain while he was interacting with the business community on Monday.

He said that the cost of the prevailing crisis would be paid by the public not by the politicians. He added that criticising the USA on the pretext of foreign conspiracy could be disastrous for the country's economy, adding, "The country’s 70 percent exports amounting to $ 21 billion is sent to the USA and the European countries. In addition, the annual $31 billion remittances also come from the USA and the countries under its influence."

He maintained that the IMF, World Bank and FATF were also under influence of the USA. In such a situation, a political narrative against the country could be harmful for Pakistan. He added that it was committed in 2018 to liberate the country from the burden of foreign loans but contrary to the claim, the regime obtained unprecedented foreign loans.

Meanwhile, another business leader Sheikh Shafiq Jhookwala said Pakistan enjoys good relations with the USA, the UK and the European Union. He added that the country's precarious economic condition could not afford destabilised political situation. Pakistan desperately needs foreign reserves, said Sheikh, adding that the army chief was right in saying that the country's exports relied on the foreign trade partnerships.