Karachi, November 27, 2020 (PPI-OT):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 Friday said peace and prosperity is impossible in presence of colonial international institutions like the IMF and World Bank.

These institutions will continue to fan poverty, hunger and illiteracy to fulfil the economic and political needs of the developed world, he said. Mian Zahid Hussain said that IMF, World Bank, Asian Development Bank, FATA etc. are tools of the developed world to continue plundering resources of poor nations.

Talking to the business community, the veteran business leader said that the IMF and World Bank are not democratic institutions but are being run on the basis of dictatorship and their policies have resulted in a 400 percent difference in the per capita income of rich and poor nations since 1960.

Their colonial policies are increasing conflicts and poverty while mis balancing the global economic system to suit the economics of the west. He said that the Chiefs of IMF and World Bank are not elected but selected by influential nations while the voting process is heavily tilted towards western nations. The middle and low-income countries comprising 85 percent of the world’s population have little say in the voting, he said, adding that one British vote is equal to 41 votes from Bangladesh.

A recent study shows that England transferred around 45 trillion dollars, 17 times more than its current GDP from India between 1765 and 1938 hitting income of Indian commoners by over 50 percent and reducing their life expectancy. Now these institutions are playing the same game with the underdeveloped world in favour of the west which cannot survive without the raw material and labour of poor countries.

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