Concern expressed over stagnating remittances, Impact can be counterbalanced by enhanced exports, Payments crisis can damage agenda of economic recovery.

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May 18, 2016

President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Wednesday expressed concern over deteriorating home remittances which is a major source of foreign exchange.

He asked the government to counterbalance the negative impact of fall in remittances by improving exports through a number of steps.

Mian Zahid Hussain said that difficult economic situation in the oil exporting countries has damaged bilateral trade, employment market and remittances which should be noticed immediately lest it result in balance of payment crisis to hit government’s economic agenda.

Nothing should be allowed to reverse the economic gains materialised because of policies of the incumbent government, he said.

He said that last year an improvement of 16.5 percent was recorded in the inflow of remittances but situation changed in November. Remittances in April were three percent lower than that in March while flow of money from two major sources Saudi Arabia and UAE has reduced due to subdued economic activity.

Mian Zahid Hussain said that situation has not changed overnight as he had warned about the looming crisis well in advance but attention was not paid to provide enabling business environment and boost exports which can now result in crisis as a lot is to be spent on debt servicing soon.

He said that government should immediately find new manpower export markets, improve working of concerned ministry, initiate meaningful changes in export sector, pay refunds, abolish double taxation, make laws easily comprehensible and ensure sustainable supply of energy.

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