Leading economies should support Pakistan to repay its debt: Jawad

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Vice President Pakistan Business Forum (PBF) Chaudhary Ahmed Jawad has called on the country’s policymakers to find a possible solution to clear the country’s debt saying without it, our economic growth will continue to deteriorate in the coming years.

Speaking during a cake cutting ceremony organized on the eve of birthday of father of nation Quaid-e-Azam Muhammad Ali Jinnah here on Sunay, he said that Pakistan’s total debt is around $125 billion as of today, and that’s certainly a lot of money for us but not for China and the United States.

The key Chinese and American companies are three times as big as our total debt. The value of China Petroleum & Chemicals Corporation is $326 billion and the value of Walmart Inc of the United States is worth $570 billion.

Jawad said the burden of paying foreign debt and paying interest is increasing in Pakistan. The country continues to borrow, mainly to pay back old contributions and finance its current account (CAD) deficit.

The solution is simple, we should permanently join the US OR China on the condition of repaying our country debt and we will be your ally being an ideal geographical location in the world with readily available warm water and one of the best military. And the $125 billion amount is nothing to them.

If not, we will remain in the vicious circle of the IMF and other funding agencies and therefore our rupee will be even weaker, as their condition is to consistently surpass the currencies of the underdeveloped countries.

Likewise, we can increase our tax revenue, market traders must be in the tax grid with the flat tax method.

Even shops in rural areas too. Also our agricultural sector must be in the tax net those who have landholding of 12 acres and above.

Similarly government expenditures must be reduced at an appropriate level.

PBF official called upon all political parties to agree on economic charter in order to ensure the continuity of economic policies.

Pakistan should not afford new economic policy after every 5 years, that’s why our FDI’s are decreasing.

As Quaid said “If we want to make Pakistan prosperous, we must focus only on the welfare of the masses”

Jawad further said PBF has supported the federal government’s decision to implement an energy-saving policy, which plans to close shops at 8pm and wedding halls at 8pm.

10pm due to the current difficult economic situation.—INP