The Pakistan Traders Alliance (PTA), Chairman Khawaja Muhammad Shafiq on Tuesday said that the month of July had become very hard for the people of Pakistan as pointless trade and monetary policies had brought the economy on the verge of collapse."Trade, commerce, industry and stock exchange as well as masses' conditions deteriorating owing to the questionable economic decisions of the present government," he said this while speaking at a meeting of local traders.
He said that the rupee's slide in July was worst in 19 years while demands for Pakistani products had also been declined considerably. "The forex stocks have also been receded to a record level low," he added.
Khawaja Shafiq said that the economic managers of the country took economic decisions while keeping personal interests and political considerations in mind and the result was that the whole nation was facing the turmoil." The government seems more interested in foreign tours and has made Dubai as unofficial capital. Our trade policy becomes India-centric while New Delhi is trying best to destabilise Pakistan," he added.
He said the future of textile industry has been put on stake by allowing cotton exports to India. This decision has been taken to support influential farmers and to please India. He said that the rupee saw it worst decline in the last eight years just on the next day of the monetary policy announcement. He said that Minister for Water and Power Raja Pervaiz Ashraf seems more interested in raising slogans while Karachi, the financial and industrial hub of country, plunged into darkness for about 12 hours daily.