Everyone concerned over economic, financial crisis: UBG

KARACHI: President of the United Business Group (UBG) Zubair Tufail has said that the country’s economic and financial crisis has scared everyone in Pakistan.

The manufacturing sector is facing difficulties in continuing the production process in the extremely unfavourable conditions, and the decrease in foreign exchange reserves is making it more difficult for Pakistan to pay its foreign debts.

It is becoming more difficult to get dollars for imports, due to the impact of industrial processes, exports have also suffered. In these situations, the government should sit down with the stakeholders and make some viable policies so that the country’s economy can stand on its strong feet in the future. In a conversation with the officials of United Business Group, he said that the major source of dollar inflow from foreign countries is overseas Pakistanis who are strengthening the treasury by sending remittances every month but month by month.

There has also been a decrease in remittances. What is worrying is that in October 2022, 2 billion 2160 million dollars were sent by Pakistanis from foreign countries, which was 2210 million dollars less than in September 2022.

Zubair Tufail said that all the governments in Pakistan have burdened the country with loans from international financial institutions and friendly countries, on the country’s ability to pay huge foreign debts.

The concern expressed to some extent is correct and the ever-increasing concerns are creating frustration among exporters, importers, and business organizations.

President UBG said that if electricity, gas and water are not available to the industries in fixed quantities, then how the export will increase.

If there is no export, how will the dollars come into the country, the Prime Minister Mian Shehbaz Sharif and the Finance Minister Ishad Dar should take immediate notice of the extremely critical economic situation in the national interest and immediately take into consideration the protection of the constitutional and fundamental rights of the exporters of Pakistan.

Protecting their investment steps should be taken so that industries do not close down and exports do not decrease and Pakistan’s real and positive image should be promoted at the global level.

Copyright Business Recorder, 2022