The Businessmen Panel (BMP) pins high hope for the coming government of Pakistan Tehreek Insaf (PTI) and expect that dwindling economic situation of the country will be stable through effective economic policies which will turn into reduce the trade deficit of the country.
Extended their heartiest congratulations to Imran Khan on the glorious victory of his party, Pakistan Tehreek-e-Insaf (PTI) in the General Election 2018 process, securing highest number of seats in National Assembly and landslide triumph on seats in KPK Assembly besides, setting its sights on ruling Punjab, thus paving the way to form a new government under his dynamic leadership/Prime Ministership for the 1st term in the history of Pakistan, BMP Vice Chairman Sheikh Aslam, Chairman (Capital Area) Riaz Khattak, Chairman KPK, Adnan Jalil and Secretary General (Federal) Ahmad Jawad said Pakistani rupee is improved against dollars up to six rupee after general elections as well as stability in Pakistan Stock Exchange, shows that economists, market forces and international monetary institutions have welcomed the stable change in the country and they all expects that institutional reforms will be take place in due course of time.
The Panel further elaborated that his success, indeed is reflective of the immense confidence that he enjoys among the masses and an indication of appreciation of his meritorious, dedicated and devoted services for the country and as such is fully aware of the problems and issues being confronted by the masses and business community.
However they said the newly elected government's first and foremost task would be to address the rising twin deficits and to introduce reform measures. Pakistan's external Current Account Deficit for FY18 came to $18 billion (5.8pc of GDP) up 43pc over FY17 CAD of $12.6bn.
This was much higher than expectations and was partly financed through reserves, which declined by $6.3bn during FY18 to close at $9.8bn. He said other than the external account, the fiscal situation is also of concern as Pakistan fiscal deficit in FY18 is expected to be close to 7 per cent (compared to 5.8pc in FY17) due to lower than expected revenues and the above rising trend does not bode well for Pakistan's economic outlook.
They also said, no doubt the new PTI government will inherit an economy in crisis, with debts rising and foreign reserves shrinking, likely presaging yet another painful round of bailout negotiations with the International Monetary Fund.
The economy is growing, with the gross domestic product forecast to rise nearly six per cent this year, but corruption, persistent terrorist violence, and decades of bad government have saddled the country with an almost bottomless list of structural problems, such as illiteracy, sectarianism, and public-health crises, if Imran Khan actually changes Pakistan in the ways that he has promised, it will be a great relief for the people of Pakistan and the industry of this country; they added.
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