August 12, 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 Friday expressed concern over falling exports and deteriorating remittances.
Pakistan will not get aid from IMF any time soon which will bring forex reserves under pressure as exports and remittances continue to fall despite efforts while imports are growing, he said.
Mian Zahid Hussain said that setting target of exports to 35 billion dollars in three years in the latest export policy has become a joke as exports fell by seven percent in July as compare to the exports of July last year.
Similarly, remittances from US, UK, KSA, the favourite source of forex fell by 20 percent in July while the Brexit may result in more deterioration in this sources of foreign exchange.
He said that a lot of Pakistani workers are being fired from their overseas jobs which will have a negative impact on the overall situation.
Mian Zahid noted that oil prices will not remain subdued for long and any rise will damage the twenty two billion dollars country hold as there is no change of notable rise in remittances.
He said that situation demands extra attention to the dwindling export sector which holds pivotal position. Despite the incentives given to exporters in the budget the performance of inept export manager is visible.
Government needs to initiate serious and meaningful reforms to revive this sector, he added.
