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Pakistan

Heart of Pakistan's economy: EFP terms PSX attack direct and hostile

KARACHI: The Employers Federation of Pakistan (EFP) condemns and considers the terrorist attack on Pakistan Stock...

Updated Jun 30 2020

KARACHI: The Employers Federation of Pakistan (EFP) condemns and considers the terrorist attack on Pakistan Stock Exchange as a direct and hostile attack on the heart of Pakistan economy.

In a statement, Ismail EFP said that the country is faced with a severe COVID crisis and the government and business community are striving assiduously to somehow miraculously retract the economy toward a sustainable path of recovery. Global markets are shuttered, exports are constrained and local manufacturers are facing acute liquidity and operational crisis.

"Our reserves are fast depleting below $10 billion, remittances are not coming at usual rate and there is unnecessary hue and cry by opposition that is mired by corruption scandals of unchecked corruption at the hand of Independent Power Producers (IPPs) and the sugar mafia.

Then there is tension across the Line of Control with India. Never in the history of Pakistan have we faced a GDP growth at -0.41% and unemployment as high as 10 percent. It is a time of great adversity. This entire calamity begs to be undone, not fuelled", EFP added.

The EFP salutes all security personnel who selflessly laid down their lives to protect the honour of this sacred location.-PR

Copyright Business Recorder, 2020