Hamdard Shura shows deep concern over the mounting external debt of the country

KARACHI: The members of Hamdard Shura Karachi Chapter expressed deep concern over the mounting external debt of the country and emphasized the importance of adopting long-term policies for Pakistan’s financial stability, says a Press release.
On the request of the president of Hamdard Foundation Pakistan, Sadia Rashid, the monthly meeting of Hamdard Shura titled: “Will we always be stuck in the swamp of debt” was held yesterday, at Hamdard Corporate Head Office. The session was presided over by Speaker General (Retd) Moinuddin Haider.
The guest speaker, esteemed economist Dr. Shahid Hasan Siddiqui, stated that the economy of Pakistan is dominated by the elite class. He noted that policies formulated at both federal and provincial levels primarily serve the interests of this group. Over the past few years, Pakistan’s external debt has surged notably. However, these loans have failed to benefit the average citizens; instead, inflation has risen considerably. Consequently, these recent years have marked a period of severe economic downturn for Pakistan.
He further said that due to inflation and unfair profit-making, a small group accumulated significant wealth while poverty worsened across the country. It’s crucial to stop favouring the elite. Sadly, there wasn’t any rise in the budget for education and healthcare. The continuous rise in the prices of essential materials made it tougher for local businesses to compete globally.