Senior Vice Chairman of the Businessmen Panel of FPCCI and President Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain on Wednesday said the whole world is paying the price for seeing coronavirus as a Chinese virus whose impact will remain limited to that country.
“The virus has devastated rich and poor countries alike and hasn’t spared nuclear powers, which has brought the importance of investing in social welfare and public health to the limelight.”
Mian Zahid said that 1822 billion dollars were spent on arms and ammunition in 2018 while investments in health sector was a fraction of it which was a blunder. Talking to the business community, the veteran business leader said the country that topped military spending is paying the heaviest price of the coronavirus scourge while other nations facing leadership crisis and policy confusion will also pay a heavy price. The former minister noted that global losses due to pandemic may surpass losses of world war, global financial crisis and great depression while its impact can continue to haunt people for decades.
He said that the pandemic has redefined many things and now many people are thinking that countries should spend more on health, education, environment and social welfare and reduce frictions between nations.
Mian Zahid said that global GDP is expected to fall by two percent while all the painful measures taken by the government in Pakistan including high interest rates, spending cuts and devaluation etc. to stabilise economy go waste. Pakistan is also fighting its war against the virus and the recently announced package, largest in the country’s history is laudable.
He said that prices of petroleum, gas and coal has receded by one-third in the global market, therefore, the power and gas tariff should be reduced by fifty percent and payment date should be extended for one month.
