KARACHI: Expressing concern over the deteriorating situation in the country, President of Korangi Association of Trade and Industry (KATI) Salman Aslam has said that due to political instability the economic crisis is escalating to a dangerous level at a time when the economy is facing numerous challenges.

He said that due to the sharp rise in inflation and poverty, the life of the common man has become miserable.

The KATI president said that relations with the world, including friendly countries, should be established on bilateral trade basis instead of aid. Owing to uncertainty, the country is facing a difficult situation both internally and externally.

He urged the leadership of all political parties to take positive and immediate steps for economic stability in the best national interest.

Salman Aslam said that the country is suffering irreparable losses due to political instability, and there is a significant decline in domestic and foreign investment while the stock exchange has been declining steadily for the last several days.

He pointed out that due to the record high price of the dollar the debts of foreign and international financial institutions are increasing at an alarming rate.

Copyright Business Recorder, 2022