President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has expressed concern that just before the federal budget, during decisive last stages of talks with the IMF for the bailout package Asad Umar's resignation is badly timed which will result in worsening of already worsened economic conditions of Pakistan.
The present government had promised Pakistan deliverance out of all economic crises to put Pakistan towards the path of prosperity and growth.
But even after 23 % devaluation the exports still couldn't be increased thus failing to revive economy
He said that every survey, report, grading, or in fact on any economic measuring system Pakistan's economic indicators won't show anything pleasant at all.
Moody's ranked 'negative', Fitch deemed 'downgraded', World Bank and Asian Development Bank prescribed policy reviews and tardiest of them IMF pronouncing Pakistan's precarious economic underperformance would result in as underachieved economic development for entire MENAP region (Middle East, North Africa, Afghanistan and Pakistan).
He expresses concern while addressing business community that during the 9 months (July-March) of current fiscal year foreign direct investments have been reduced by alarming 52%, whereas due to the measures taken by the government imports have been come down and foreign remittance has been increased resulting in a 4 billion dollars decrease in the current account deficit whereas, total exports are expected to increase by 5% for this year.
During the 9 months of this fiscal year about 1.27 trillion dollars foreign direct investment has been done in Pakistan. According to the report published by the State Bank of Pakistan the foreign reserves has been lessened by 1.28 billion dollars due to which the total aggregate foreign exchange reserves have come down to 16.2 billion dollars.
Dr Abdul Hafeez Shaikh's appointment as an Advisor to the Ministry of Finance has been welcomed by the business community and they have expressed their confidence by positive trading at the stock market.
On Friday KSE-100 index reached to 37292 points limit with the increase of 480 points which is a good start but until then 4.9 billion dollars had been taken out of portfolio investment already. FBR tax collection has also fallen short by Rs.400 billions of their revenue collection estimates.
He appreciated Prime Minister Imran Khan's decision to appoint Dr Abdul Hafeez Shaikh as an Advisor on economic and financial matters and said that Dr Abdul Hafeez Shaikh is a world renowned expert economist possessing 35 years of experience regarding economic policy making, their implementation and enforcement.
He has served efficaciously as a Federal Finance Minister during 2010 till 2013. Business community and traders seems hopeful on his nomination and believe that he has the right skills and experience that are required to sail Pakistan's Economy out of crises towards the revival of Economy.
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