The Businessmen Panel (BMP) of FPCCI has demanded that a Charter of economy for the national consensus on core economic agenda may be devised, so that the private sector has a clear mindset regarding economic plans of the country which is very much needed in order to compete internationally.
In a joint statement on Friday, BMP Chairman Mian Anjum Nisar, Senator Ghulam Ali, Ahmad Jawad and Mian Usman Zulfiqar said the country is facing serious challenges in terms of trade deficit and current account deficit which is increasing day by day and is not a positive sign for us.
They said Pakistani imports are more than double of its exports; therefore, devaluation of local currency is not advisable as it will hit almost all the sectors and the entire population of the country.
The country is importing sixty-five per cent of the inputs used in the GDP while thirty-five per cent of the loans are in the dollar terms, therefore, devaluation could prove disastrous.
They said that government should try to avoid another loan from IMF as it will choke the economy which has started performing well. Authorities should consider reducing the cost of doing business for the private sector and provide one window operation to facilitate the business community.
BMP official further termed that the CPEC is critical for Pakistan's growth and development. All stake holders should arrive at a mini-charter of CPEC in terms of what it entails, and how shall it be implemented, and in terms of the kind of information incumbent governments ought to make public to avoid conspiracies and blockades in the way of the CPEC. Liberalizing trade with India, Afghanistan and Iran should also be a part of the regional agenda.
Similarly we may focus and develop a consensus framework to increase Pakistan's voice and presence across various regional and multi lateral economic forums and bodies including the IMF, World Bank, BRICS Bank, ADB, and AIIB. Pakistan's commercial consulates abroad ought to be strengthened for the promotion of trade and investment and their performance duly monitored by a multi-party oversight committee.
They also stressed that key regulatory bodies shall be drawn up and provided a guarantee to be made strong, autonomous, and unfettered from political intervention.