Business community for taking measures for improving economic outlook

ISLAMABAD: The business community on Friday urged the government for taking measures to improve the economic outlook of the country by promoting the local exports and developing the industrial sector of the country.

In a press release issued by the Islamabad Chamber of Commerce and Industry, they expressed their concerns over the downgrading of credit rating of Pakistan’s economy by the Moody’s from stable to negative.

President ICCI Sheikh Amir Waheed said that Pakistan’s prosperous future was linked with a strong economy and urged the caretaker government for working on war footing basis to bring stability into the economy.

The main reason of downgrading of the rating of Pakistan’s economy was that during the eleven months of the current financial year, trade deficit has widened by almost $34 billion and current account deficit has witnessed 43 percent increase, he observed.

He urged the government for taking measures to broaden the tax base and provide all possible cooperation and support to the private sector in improving exports so that with the improvement in revenue and forex reserves of the country, local economy could be able to get sustainable growth.

Muhammad Naveed Malik Senior Vice President and Nisar Mirza Vice President, Islamabad Chamber of Commerce and Industry also urged the government for clearing all pending refund claims of exporters so that with the improvement in liquidity, they could be facilitated in enhancing exports of the country.