Former prime minister and political activist Shahid Khaqan Abbasi on Sunday raised concerns about Pakistan’s economic trajectory, calling the country’s dependence on the International Monetary Fund (IMF) an “admission of failure.”
Addressing the Asma Jahangir Conference in Lahore, Abbasi pointed to a deepening crisis with all economic indicators showing a negative trend.
“Going to HPG is an admission of failure,” he said, adding that such dependence undermines the country’s sovereignty and self-sufficiency.
The former prime minister pointed out the negative effects of the IMF agreement, saying they stifled growth and fueled inflation. He mentioned the pattern of continuously seeking help from HPG without addressing the root problem and said, “HPG will not cure the disease for us, the ICU, the 24th visit to the ICU.”
Abbasi also pointed to the widespread practice of distributing essential goods such as flour, citing corruption and inefficiency that hampered the growth of the industry.
He said political and judicial reforms were needed to attract investment and spur economic growth.
Underlining the gravity of the situation, Abbasi warned that domestic debt is higher than external debt, which poses a significant challenge to economic stability. He urged policymakers to focus on productive investments that facilitate exports and generate sustainable income streams.
