Islamabad, In a crucial development, Mian Zahid Hussain, a prominent business leader, emphasized the necessity of Pakistan securing a new long-term loan from the International Monetary Fund (IMF) to avert economic crisis while advocating for significant economic reforms for the nation's autonomy and reduced reliance on borrowing.

According to Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain, who holds leadership roles in various business and industrial alliances, voiced his concerns during interactions with the business community. He stressed the urgent need for Pakistan to obtain financial support from the IMF to prevent default, juxtaposing this with a call for economic reforms aimed at self-reliance and ending the cycle of borrowing.

Hussain highlighted the critical situation where the IMF demands stringent policies, including higher utility prices and sustained double-digit interest rates, to expand the tax base and integrate non-taxpaying sectors into the fiscal system. He criticized the government's inclination to impose taxes on selected items, which exacerbates inflation without addressing the broader issue of tax evasion, especially among influential sectors.

The business leader also noted the international perception challenges Pakistan faces due to unmet commitments, leading to a hardened stance from the IMF and cooled relations with traditionally supportive nations. He acknowledged a marginal positive shift in the IMF's outlook, which has slightly eased other creditors' trust in Pakistan. However, he warned against the unsustainable cycle of borrowing to service existing debts.

Amid these challenges, Hussain called for an increase in exports and import substitution as vital steps toward economic stability. He praised recent indications from Prime Minister Shahbaz Sharif that reform burdens would shift towards the wealthier segments of society, aligning with a broader need for structural changes that would ultimately benefit the entire population by fostering economic growth and reducing dependency on external loans.