LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh has said that the economic condition of Pakistan had never been so ‘worst’ in the past 74 years like it is today due to lack of interest of every government.
“The economic condition of Pakistan had never been so worst in the past 74 years like it is today due to lack of interest of every government,” said Sheikh while speaking at a dinner reception hosted in honour of newly-elected FPCCI members of Gujranwala chapter. He said it is the time for the government to take difficult decisions because any delay in this regard would prove catastrophic for the economy.
“Currently, the trade defect is at historic high of $39.3 billion, whereas the current account deficit is at $20 billion, which is almost five percent of our total GDP,” he said, adding that the total foreign reserves of Pakistan are $10.2 billion. “If we pull out $3 billion given by Saudi Arabia and UAE and $2.4 billion of China from our economy then we will have no reserves,” he wondered and added that we cannot bring stability unless we will decrease our imports.
He said that Pakistan is an agricultural country but unfortunately we import cotton worth over $1.4 billion. He said we have no latest technology for this sector and they will strive to secure an industrial package from the government which will be spent on the promotion of small industry. The FPCCI president requested the government to impose a complete ban of luxury items.
Copyright Business Recorder, 2022