Islamabad, January 28, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Friday said incompetence and corruption have not harmed the country as much as the 18th amendment. The economy can never be stable in the presence of this controversial amendment therefore it must be scrapped or altered to improve the country’s economic security, he said.

Shaheed Rasheed butt said that since the passage of the 18th amendment most of the resources are flowing towards provinces while the cash-strapped central government has to fulfil the obligations. Now only option with the federal government to keep the country from bankruptcy is to borrow which is not sustainable, he said.

The business leader said that the18th Amendment is digging deep into the roots of the country and it has become necessary to find a solution for which a national debate is needed so that we can reach to a conclusion. In 2007, the revenue of the federal government was enough for defence expenditure, interest payments on loans, development expenditure, subsidies, salaries and many other important matters while little borrowing was required.

On the other hand, in 2018-19, the revenue was not enough to pay interest on loans and the government had to borrow to pay for a large part of defence expenditure, development expenditure, subsidies, and salaries etc. The business leader noted that the National Finance Commission Award has made the system of distribution of national resources so unbalanced that even international institutions are expressing reservations about it. The hasty decision has put the future of the country at stake and financial stability is impossible in presence of this amendment, he observed.

For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571