Low economic growth, skyrocketing prices: Pakistan is confronted with multitude of problems: MCCI

Businessmen on Tuesday demanded the government to announce comprehensive action plan to address the key issues that are affecting businesses, economy and lives of masses. President of Multan Chamber of Commerce & Industry (MCCI).
Shahid Naseem Khokhar said Pakistan is confronted with multiple problems such as low economic growth, skyrocketing 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.
He said the recent surge in the petroleum prices has created a new wave of inflation. Prices of many products have increased because of escalation in the transportation cost, leaving a very negative impact on cost of doing business. "Getting credit from banks has been made more expensive for the private sector - as a result no more investment is coming to begin new business ventures that will generate economic activity and employment in the country," he said.
President MCCI criticising on the tight monitory policy said that it could not bring positive results and also the growth graph is declining, thus State Bank of Pakistan should review its course of action. Shahid Naseem Khokhar said that Pakistani rupee is depreciating, while currencies of the regional countries are getting stronger, which gives them a competitive edge in the international market for exports.
"Political uncertainty has also slowed businesses in the country and foreign buyers are reluctant to start long-term business with Pakistani companies," he said adding the government should immediately sort out these issues to give stability to the country. MCCI chief emphasised 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.