Former prime minister and political maverick Shahid Khaqan Abbasi raised on Sunday concerns over Pakistan's economic trajectory, labelling the country's reliance on the International Monetary Fund (IMF) as a stark "admission of failure".
Speaking at the Asma Jahangir Conference in Lahore, Abbasi pointed out that all economic indicators are trending negatively, signalling a deepening crisis.
"Going to the IMF is an admission that we have failed," he asserted, stressing that such reliance undermines the nation's sovereignty and self-sufficiency.
The former prime minister underscored the adverse effects of IMF agreements, noting that they stifle growth and exacerbate inflation. He lamented the recurring pattern of seeking IMF assistance without addressing root issues, stating, "IMF is the ICU for us, going to the ICU for the 24th time will not cure the disease."
Abbasi further slated the prevalent practice of distributing essential commodities like flour, citing rampant corruption and inefficiencies that hinder industrial growth.
He stressed the urgent need for political and judicial reforms to attract investment and spur economic development.
Highlighting the gravity of the situation, Abbasi warned that internal debt has surpassed external debt, posing a significant challenge to economic stability. He urged policymakers to focus on productive investments that facilitate exports and generate sustainable revenue streams.
