August 04, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Secretary General of the Businessmen Panel of FPCCI and former Provincial Minister Mian Zahid Hussain on Wednesday said no one should be allowed to benefit from the current political uncertainty in the country.
Some elements can play with the local currency to make tens of millions of rupees overnight, therefore strict vigilance of money market is required, he said.
Mian Zahid Hussain said that the ruling party and opposition demonstrated sanity following the Supreme Court’s decision as the reaction was not as discouraging as expected which has calmed business community to some extent.
He said that the current situation should be improved as soon as possible so that business activities can gain momentum.
The business leader said that FBR has failed to achieve the target by Rs250 billion while exports, remittances and foreign direct investment is not satisfactory.
Lack of interest in reforming power sector and public sector entities has resulted in a colossal deficit, therefore, IMF has asked the government to impose new takes of Rs500 billion.
The imports hit the mark of 53 billion dollars during the last year pushing up the trade deficit to 33 billion dollars while current account deficit swelled by 148 percent to 12 billion dollars.
Urgent steps are needed to improve the situation otherwise our forex reserves will fall and the country will have no option but to seek another IMF loan, he warned.