Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt has said that the country was steadily heading towards political stability. In a statement issued on Sunday, he said that for last few months, value of Pakistani rupee has been stable, exports were increasing, and inflation was declining, which was encouraging. Shahid Rasheed Butt demanded that the incoming government should immediately sign a five-year deal with the International Monetary Fund (IMF) to improve the overall economic situation. The general situation was improving, which has given some hope to the masses and the business community, he added. The business leader said that the new government should ensure the success of the IMF’s review, after which it must sign a five-year agreement with the IMF to improve the situation. He observed that a three-year or four-year program with the lender could not help achieve the required objectives, so a five-year agreement with the IMF can be made to stop the draining of the country’s resources for some time. The IMF preconditions must include a reduction in the size of the government, sale of loss-making state-owned companies, complete restoration of the electricity and gas sector, increase in the tax net, and undertaking other necessary reforms. Shahid Rashid Butt said that the IMF’s new program should also be subject to proper taxes on wholesale, retail, property, agricultural income and transport sectors. According to official data, he said, the inflation rate fell to 23.1 per cent in February from 28.3 per cent in January. It was 38 percent in May. However, he said, interest rates should not be reduced because of the fall in inflation, as this may not be acceptable to the IMF. The business leader said that some increase in exports has been observed, which was reassuring. There has been no reduction in the value of the rupee for several months, but some black sheep are spreading rumours of the possibility of reduction in its value against the dollar. The currency mafia plans to earn billions of rupees by artificially appreciating the dollar’s value in the country. He said that an artificial shortage of dollars was also being planned for the purpose, adding that these elements should be treated according to the law with no leniency. Shahid Rasheed added that social media was being misused, which has become a big problem for which a permanent solution should be found as it damages society and the economy.
Country steadily heading towards political stability: Shahid Rasheed
Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt has said that the country was steadily heading towards political stability. In a statement issued on Sunday, he said that for last few months, value of Pakistani rupee has been stable, exports were increasing, and inflation was declining, which was […]
