(21 May 2018)
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 Monday urged the government to take remedial action to prevent the economy from imminent threats.
In a statement he said that the foreign exchange reserves of the country was depleting rapidly due to repayment of $200 million as debt servicing every week. He said due to consistent payment the liquid reserves of the country had come down below $17 billion.
He said that although the international credit rating agency Moody’s had maintained the country at B three but it had pointed out threats to Pakistan’s economy, which should be point of concerns for the leaders and especially for the finance minister.
Mian Zahid Hussain said that the rating agency pointed out official reserves below the imports of 2 ½ months. He appealed the present government to address the issues of business community and provide relief to those sectors, which were ignored in the budget. He also urged the present government to take these steps before completion of tenure.
The veteran business leader appealed the finance minister to provide more relief to textile sector, which is the most important sector of the economy. He also urged the finance minister to release refunds of this sector in order to ensure sufficient liquidity.
He said that the sector needed Rs 25 billion against stuck up refunds as oxygen. Mian Zahid Hussain said that the country was facing looming threats of FATF decision yet the government had not evolved any policy.
He also said that many countries did not want Pakistan on path of progress. Therefore, the government should set economic direction before interim set up and general elections, he added.
