Pakistan Hosiery Manufactures Association (PHMA) Chairman M Jawad Bilwani has suggested that all those importing nonessential items should be asked to make arrangements themselves for the foreign currency without contacting State Bank of Pakistan.
"In view of the grave financial and economic crises faced by the country, the serious trade deficit and precarious state of our exports specially textile products, it is imperative that bold and pragmatic steps are taken to improve the trade deficit considerably, for which imports into the country will have to be checked and monitored," the PHMA chairman said in a letter to the newly appointed Advisor to the Prime Minister on Finance, Revenue, Economic Affairs and Statistics, Shaukat Tareen.
The chairman further proposed that the duties on import of nonessential and luxury items be increased further, as the revenue generated as a result of this measure could be used in offering subsidies and incentives to the exporters. Bilwani suggested that the SBP purchase foreign currency in the open market, which will help in increasing Pakistan foreign exchange reserves.
Congratulating Tareen on his appointment as adviser, Bilwani expressed confidence that his rich and varied experience in the fields of economy, finance and banking and his assignments in key positions as chairman, Pakistan bankers association, chairman, Karachi Stock Exchange, convenor, economic advisory council will be significantly instrumental in executing one more challenging assignment.
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