President of Islamabad Chamber of Commerce & Industry giving the reaction on the ailing economy said that government should announce comprehensive action plan to address the key issues that are damaging the businesses, overall economy of the country and badly affecting the lives of masses.

Mahfooz Elahi said that Pakistan is confronted with the multiple problems like low economic growth, sky rocketing food and energy prices, high inflation, rising unemployment, continued fiscal indiscipline, growing poverty, alarming increase in government borrowings, compounding circular debt, weak revenue collection coupled with increased spending, and low foreign investments and underlined the need to solve these burning issues to move the economy forward.

He said that recent surge in the petroleum prices have created a new wave of high inflation. The prices of many products have increased because of escalation in the transportation cost leaving a very negative impact on the cost of doing business and stressed on taking back the decision to stop further inflation.

The credit by banks is being made more expensive for the private sector as a result no more investment is seen to begin new business ventures to generate economic activity and employment in the country, he said.

President criticizing on the tight monitory policy said that it could not bring any positive results and also the growth graph is declining, thus State Bank of Pakistan should review its course of action.

Elahi said that Pakistani rupees is depreciating, while the currencies of the regional countries are becoming stronger that provide them a competitive edge in the international market for exports.

The political uncertainty has also slowed down the businesses in the country and foreign buyers are reluctant to do long term business with Pakistani companies and emphasized that government should immediately sort out its issues to give stability to the country.

President ICCI emphasized the government to chalk out an action plan for maintaining stable prices, keeping the interest rate low, generating energy resources and to work on the key areas for economic development. He also stressed that government must involve in the planning phase and due weightage to the proposals of the business community, which is the main engine of economic growth in the country.