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July 10 (Online Int’l): President Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain on Friday said that the increased focus on debt reduction and revenue generation has damaged the economy. Coronavirus and subsequent lockdowns have damaged all economies but authorities are more interested in fixing unachievable tax targets which will further grind down the economy, he said. Mian Zahid Hussain said that India, Bangladesh, Nepal and many other regional countries are facing a debt problem since decades but their governments have not mismanaged it.
Talking to the business community, the veteran business leader said that regional countries are dealing with debt and current account deficit in a better way which is evident from their economic success.
The former minister noted that during the last 32 years Pakistan has approached IMF 13 times to avoid bankruptcy, Sri Lanka has borrowed six times, Bangladesh has taken IMF loan four times while India has sought IMF money only once, which proves that their economic management is better than Pakistan.
The regional countries have used IMF money for development which helped them transform their countries as economic powerhouses while we have wasted the borrowed money. Not only regional economies but developed nations like the US and the UK are also facing deficit problems but it has not unnerved their governments and economic managers into damaging their own economy.
He said that that the government should not panic about deficits. It should reduce tax collection targets and provide an enabling environment to investors who can put the economy back on track while making Pakistan a developed nation.
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