Islamabad, January 05, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr Shahid Rasheed Butt on Wednesday said mini-budget will increase poverty and contract the economy but it will avert the bankruptcy of Pakistan. Mini-budget will increase the burden on the common people and it would have been better if the government had put some burden on the rich and reduced its expenditure.

In a statement issued here, Shahid Rashid Butt said that the government has started implementing the strict conditions of the IMF so that a loan can be obtained from the lender. He said that because of the conditions of IMF the price of electricity, gas, petrol and other commodities will increase and production, employment and exports will be reduced which will affect the people.

The government will happily cut development expenditure by hundreds of billions but it will not agree to any reduction in expenses which is a drag on the economy. Other countries, foreign institutions and international investors be willing to lend to Pakistan and borrowing from the international bond market will be available only after the IMF approves the loan instalment.

Mr. Butt said that the economic condition of the country has been declining for three consecutive years and the only way to get the country out of the economic quagmire is to reduce losses from privatization, electricity, gas, government-run car corporations and improve governance.

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