KARACHI: Rafique Suleman Convener FPCCI Central Standing Committee on Rice has expressed serious concern over the continued downfall of Pak Rupee against the dollar as the business community facing serious challenges.

While, addressing first meeting of FPCCI Central Standing Committee on Rice on Tuesday at Federation House, he said that the continued depreciation of Pak Rupee against the dollar destabilizing the country’s economy. He urged the federal government to take immediate steps to stop the rapidly falling value of the Pak Rupee.

The first meeting of Rice Committee was chaired by FPCCI Vice President Shaukat Suleman and attended by Vice President FPCCI Haji Yaqoob, Deputy Convener FPCCI Rice Committee Faisal Anis, former chairman Rice Exporters Association of Pakistan (REAP) Abdul Rahim Janoo, Safder Hussain Mehkri, Abdul Qayum Paracha, MC Members REAP Fuad Hamid Garib, leading rice exporters Faisal Anis, Saleem Kapadia, Hasseb Rauf, Javed Jilani and other members were also present in the meeting. In addition, many rice exporters attended the meeting through Zoom video link and various matters related to rice export trade were discussed in the meeting.

Rafique Suleman said that the current government’s economic performance is more worsen than the previous government. Event the government did not supply water to the rice crops in Sindh, but luckily the ongoing rains have wiped away the tears of the farmers and fulfill the water requirement of the growers.

He informed that there has definitely been some delay in the cultivation of rice this year and accordingly the rice harvest will also be delayed, but the good thing is that now Pakistan is also producing hybrid seeds. “Instead of importing seeds from foreign countries, now the growers are using Pakistani hybrid seeds saving millions of dollar foreign exchange, was being spent on the import of hybrid seeds,” he added.

Rafique said that in order to enhance the rice exports, a delegation of REAP will visit Morocco very soon while, a Biryani Festival will also be held in Kenya. However, he mentioned that unfair increase in containers freight is directly hurting the all exports particularly rice.

Pakistani rice exporters also accepted the challenge of shipping companies and took three 3 ships of rice to Mombasa.

Abdul Rahim Janoo said that exporters are concerned about the depreciation and devaluation of the Pak Rupee. He said that the Finance Minister Miftah Ismail claimed to bring the dollar below Rs 200, but still the dollar is moving upward side.

He said that the electricity bills have created havoc, the price of petrol not being reduced in proportion to the global prices. The livelihood of people with a salary of 100,000 rupees in the country has also become difficult, he added.

Copyright Business Recorder, 2022


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