The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that a record reduction of Rs 4.40 in the value of local currency versus US dollar has added almost Rs 400 billion to foreign debt and it has also exposed the tall claims of former PML-N government regarding economic stability. In a joint statement on Tuesday, FPCCI President Ghazanfar Bilour, SVP of FPCCI Mazhar Ali Nasir and Chairman Coordination of FPCCI Malik Sohail pointed out that PML-N government's finance minister had reassured the masses that further devaluation was not needed but the policymakers has taken everyone by surprise.
The business leaders warned that the difference in the interbank and market rate of dollar was spreading which would discourage legal money transfers and promote hundi hitting remittances. "Record trade deficit and current account deficit has worsened the economic challenges while the economic managers have found it convenient to tackle problems by devaluing the currency and borrowing which amounts to economic suicide, the business leaders added.
They said SBP only pointed towards problems and prefers to remain mum about solutions which is damaging its credibility. Malik Sohail said the masses should not be kept in the dark if all the decisions are being taken on the behest of the IMF.
Lashing out at the failed policies of the former government, he said the masses and dejected business community should not be made to pay for the blunders of the policymakers. The FPCCI leaders asked the caretaker government to take back the decision regarding increase in petrol prices and devaluation of PKR in the national interest as it will stoke inflation and make life difficult for the masses already reeling under multiple issues.