ISLAMABAD, JUL 1 /DNA/ – Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt said on Saturday said the country has been saved from bankruptcy.

The country and 220 million people have been saved from the serious repercussions that would have resulted in unprecedented price hike of essential items and all other things, he added.

He said that in case of a default, the people would have starved, and the country would have plunged into chaos.

Shahid Rasheed Butt said in a statement issued here today said that the public and the business community are happy that the country has survived, hoping for an improvement in the country’s global ranking and general economic conditions.

However, he said, the news of a deal with the lender has struck a rogue party and self-serving politicians like lightning.

The business leader said that the central leaders of a party were predicting the bankruptcy of Pakistan very frequently since fifteen months, who are now mourning.

The seditionists were waiting for the bankruptcy of the country and were constantly spreading frustration among the people, but they have failed miserably in their unholy designs, he remarked

A rejected gang wanted a civil war in the country, but their plans have been thwarted, he said.

Some politicians are objecting to the agreement with the IMF, but they are mum over the fact that the former government set a record by taking foreign loans of fifty-eight billion dollars in their few years.

The former cabal wasted all the loans and introduced damaging policies that pushed the country to the brink of bankruptcy.

He informed that the size of Pakistan’s economy is 350 billion dollars, while by December 2022, it had a debt of 126.3 billion dollars. Debt could only be repaid if the government complies by the IMF agreement and stop elite from wasting resources.

Since the 1950s, loans have been taken from the IFF almost two dozen times and now this series needs to be stopped, for which meaningful reforms are needed.