AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Mian Zahid Hussain, a prominent figure in Pakistan’s business and policy sectors, has called for unified national action in response to dual threats facing the country’s economy: severe monsoon floods and stringent fiscal requirements under an International Monetary Fund (IMF) program.
Hussain, who serves as President of the Pakistan Businessmen and Intellectuals Forum and holds several other key positions, highlighted the extensive damage caused by the 2025 floods, estimating direct losses at $1.4 billion. He noted that the agricultural sector, in particular, has been heavily impacted, with significant crop losses in Punjab leading to a projected 4.3% rise in food inflation for September.
Despite recent foreign investment deals, such as an $8.5 billion agreement with China and a $500 million memorandum with a U.S. company, Hussain cautioned against over-optimism. He pointed out that the financial demands of reconstruction, estimated in the billions, could conflict with the austerity measures required by the IMF.
Hussain urged the government to use the IMF’s Resilience and Sustainability Facility to transform foreign investments into sustainable projects that enhance economic and climate resilience. He emphasized the necessity for climate-resilient infrastructure and diversified agriculture to mitigate future crises and reduce reliance on external aid.
The call for action comes as Pakistan faces increasing challenges from climate change and economic pressures, prompting a re-evaluation of its long-term development strategy.