Blunders played havoc with the economy



ISLAMABAD:   Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Friday said the government’s miscalculations and unnecessary self-confidence about stabilising the economy have sunk the rupee and the economy.

Experiment to run the country without IMF support has backfired and now the IMF conditions are being met after damaging the economy and leaving the local currency worthless.

Shahid Rasheed Butt said that it was impossible to run the country without IMF loans, but an attempt was made to run the country without the help which has failed.

After trying to revive the economy for seven months, the IMF’s conditions are being met for which economic managers are responsible.

He said that at this juncture, expecting any concessions from the IMF would be self-deception and delaying the agreement would be catastrophic for the economy.