December 19, 2016
Chairman Businessmen Panel and Pakistan Business Group Alliance of FPCCI and Former Provincial Minister Mian Zahid Hussain, Presidential Candidate Abdul Rahim Janoo, Candidate for SVP Mian Anjum Nisar for FPCCI Elections 2017 on Monday said government should not avoid meaningful reforms otherwise it will have to seek another IMF loan during 2017.
The only way to avoid economic problems and harsh conditions associated with foreign loans is tough decisions to bring economy back on track as the oil prices have also started to climb, they said.
The Business Leaders said that exports continue to dip and now total export earnings have reached to an alarming level of 41 percent of the imports resulting in trade deficit of 20 percent during July-November.
They said that remittances and investments are going down with a rapid pace while imports continue to grow putting strain on forex reserves which have started to decline.
The output of critical sectors like manufacturing and agriculture is also causing concerns which must be noticed, they added.
The business leaders further said that foreign debt and obligations has touched mark of 75 billion dollars but nobility is not ready to discharge national obligations by paying taxes.
They noted that economy is held hostage by elements who would never allow meaningful reforms and lure nation through cosmetic initiatives.
They said that GDP is witnessed growth of 100 percent in the last fifteen years which the stock of debt has grown by 700 percent which proves the irresponsibility of successive government in acquiring loans and spending it mercilessly.
