President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain while expressing concern over deteriorating home remittances which is a major source of foreign exchange, has asked the government to counterbalance the negative impact of fall in remittances by improving exports through a number of steps.
He said government should immediately find new manpower export markets, improve working of concerned ministry, initiate meaningful changes in export sector, pay refunds, abolish double taxation, make laws easily comprehendible and ensure sustainable supply of energy.
Mian Zahid Hussain said that difficult economic situation in the oil exporting countries has damaged bilateral trade, employment market and remittances which should be noticed immediately in case it result in balance of payment crisis to hit government's economic agenda.
Nothing should be allowed to reverse the economic gains materialised because of policies of the incumbent government, he added. He said that last year 16.5 percent raise was recorded in the inflow of remittances but situation changed in November. Remittances in April were three percent lower than that in March while flow of money from two major sources Saudi Arabia and UAE has reduced due to subdued economic activity.
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