All Pakistan Textile Mills Association (APTMA) Sindh-Balochistan Region chairman Asif Inam said Saturday that Imran Khan has potential as well as will to drive the country out present economic crisis. He congratulated Imran Khan and his team on overwhelming victory in the elections 2018. He expressed hope that PTI chairman would leave no stone unturned for the economic development and prosperity of Pakistan.
Asif Inam expressed optimism that upon assuming power, Imran-led government would prioritize the basic economic issues being faced by the country and pay special attention to the grievances due which business and industrial community suffer.
"Business community is confident that the new government will try to fulfill its commitments for the resolution of the major issues being faced by the textile industry of Pakistan in general and Karachi in particular which contributes over 65 percent revenue to the exchequer despite all odds," he said, alerting that the trade deficit for the fiscal year 2017-18 was an all-time high at $36 billion, imports at around $60 billion while exports at around $23.5 billion and Current Account Deficit at $18 billion.
The APTMA official said that in addition, the government has to pay $38.224 billion and Rs 15.883 trillion against external and domestic public debt, respectively including principal amount and interest in the next seven years.
"It is not an easy task for the government and Imran Khan will have to work hard to honour all his commitments and restore the confidence of the business community as well as general public," he emphasized.
Inam further said that higher exports is the only solution to get the country out of this crisis and it is the only way that can help pay the above debts otherwise the country would never be able to get out of the debt trap and would have to take fresh loans to service the principal amount and interest of the actual loans which is already over $93 billion. He said that to increase exports, the government of PTI has to address major odds hurting our industry and exports such as high cost of doing business, availability of energy: both gas and electricity, at an affordable price as compared to our regional competitors, adequate supply of raw cotton, timely payment of Sales Tax and Income Tax Refunds to avoid liquidity problem, Rupee Dollar parity, shortage of skilled manpower, lack of institutional support/infrastructure facilities, etc. He said that the textile industry of Pakistan is capable enough to bring the economy out of the current disastrous condition. He urged Imran Khan and his team to take immediate steps as suggested above to stop the drastic decline in exports as any delay would take the economy to a point of no return.
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