Incoming government asked to focus on fixing the economy

  • July 24, 2018
The Islamabad Chamber of Commerce & Industry has demanded that the incoming government should give top priority to fixing the economy as the current weak position of the economy was heading the country towards a bleak economic outlook. 
Sheikh Amir Waheed, President, M. Naveed Malik Senior Vice President and Nisar Mirza Vice President, Islamabad Chamber of Commerce & Industry said that our currency has depreciated to Rs.130 to a dollar which was record devaluation in the history of the country. They said the trade deficit of the country has swelled to over $ 37 billion during fiscal year 2017-18 as imports had crossed $60 billion mark while exports were around $23 billion during this period. They said the foreign exchange reserves of Pakistan have also tumbled from $20.2 billion in July 2017 to $15.68 billion till 13th July 2018 showing a decrease of over 22 percent in one year period. They said foreign debt of the country has also soared to around $92 billion due to the unwise approach of heavy borrowings. 
ICCI Office Bearers said that the development and growth of all sectors including defense, health and education was directly linked with a strong economy, but the current economic indicators showed that the economy of Pakistan was in dire straits and needed priority attention of the incoming government to fix it and put it on the path of sustainable growth. They urged that the incoming government after taking over, should form a think tank comprising of economic experts and business leaders that should focus on devising a comprehensive strategy to turn around the dwindling economy. They were of the view that reviving the economy was essential requirement to attract investment, create jobs, promote trade, industrial activities & exports and generate more revenue for the country. 
Sheikh Amir Waheed said that the SMEs were engine of economic growth, but this sector was currently facing many challenges in Pakistan. He emphasized that the incoming government should focus on forming a new SME policy in consultation with private sector to address the key issues of SME sector and create conducive environment for it so that this important sector could drive the economy towards fast growth trajectory.