Bankruptcies in poor nations to hit developed world: Mian Zahid Hussain

Karachi :Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said coronavirus has damaged developing economics while the response of the developed countries have left much to be desired.

The irresponsible attitude of developed countries may result in bankruptcies in poor countries triggering another serious global crisis, he said.

Mian Zahid Hussain said that repayments of all the loans taken by underdeveloped countries should be immediately stopped while the process to write off loans should be initiated. 

Talking to the business community, the veteran business leader said that dozens of countries including Pakistan are not prepared to face another wave of the virus which will also hit the developed countries. 

He said that who will buy the products of western countries in case the economics of the third world are damaged by the second wave of the virus.

The lukewarm response of the west in against their own interest as they are dependent on raw material and labour from poor nations. 

The virus has also damaged the rich economics but they can withstand the shocks but it is not the case with many Asian, African and South American economics. 

He noted that the six-month extension granted to 46 countries by G20 is a joke, more countries should be included in the list and repayment should be extended to a minimum of two years, he demanded.