KARACHI: Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rehman has expressed concern over the worsening situation of economy.
He said that foreign exchange reserves in the country are decreasing, dangerously. In such a situation, smuggling of dollars is an anti-nation act.
On the other hand, inflation has reached an all-time high. Due to continuous increases in production costs, and shortage of gas and raw materials stuck at the port, the difficulties of the industrialists are increasing day by day, he said.
The industrialists cannot afford to pay a fine of 120 dollars per day in terms of demurrage.
President KATI said that the situation is getting worse due to the delay in the recovery of the 9th instalment of the loan from the IMF and the lack of sufficient assistance from the friendly countries.
Rehman said that now the situation is that the orders of the exporters are feared to be cancelled due to which Pakistan will lose its reputation in the global market.
Faraz-ur-Rehman requested the government to take urgent measures to improve the deteriorating economy. He said as there is an economic emergency in the country, a policy should be formulated in consultation with all stakeholders to prevent the country from defaulting.
He further said that Pakistan’s rating in the global market is constantly declining due to which international financial institutions and other countries are reluctant to give loans to Pakistan.
President KATI said that the smuggling of dollars should be stopped on a priority basis and then steps should be taken to improve Pakistan’s rating and export orders at the international level.
Furthermore, the business community must be allowed to get dollars from other sources to get released their raw materials stuck at the port. They should be allowed to pay directly.
Faraz-ur-Rehman said that at this time we have to forget all differences and think as one nation; otherwise, the loss will have to be borne by the entire nation.
Copyright Business Recorder, 2022
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