Pak Sarzameen Party (PSP) chairman Mustafa Kamal on Tuesday called for declaring economic emergency in the country by showing serious concern over the rapid increase in the value of dollar against rupee. PSP chief in a statement said new government has miserably failed to bring a positive change in the country for the betterment and well-being of masses and believed that the devaluation of local currency against dollar would trigger a new wave of inflation that would burden the common man immensely.
People have already crippled due to increase in the rates of gas and electricity, he said and added that devaluation of rupee would be affecting the common man further.
Kamal said devaluation of local currency would increase the fiscal deficit by distorting the balance between total foreign debt and their repayment at one hand, whereas on the other hand, it would give broaden the trade deficit by negatively impacting the country's external trade.
He said economy is the biggest victim of political unrest and instability in the country and urged for immediate promotion of political reconciliation to provide conducive environment to economic activities.
PSP chief described the prevailing environment unsuitable for business and investment and emphasized the need that federal government should immediately take parliament into confidence over its plan to seek loans from IMF in order to remove the unrest in the masses. Kamal also demanded the federal government to declare economic emergency in the country in order to cope with the bad health of national economy.