KARACHI: Vice President of Pakistan Businesses Forum (PBF) Ahmad Jawad has said the government must form a taskforce with representatives from the Commerce Ministry, the State Bank of Pakistan, and the Federation of Pakistan Chambers of Commerce and Industry to draw up a list of countries with which Pakistan could consider doing its trade in Pak rupee.
“I think trade with Iran and China too should be also in Rupee, as we have a substantial import from China,” he maintained.
He said until and unless appreciation of the Pak rupee didn’t take place the issue of inflation will remain there. Prime Minister Imran Khan should take immediate action realising the gravity of the situation as the continuous appreciation of the US dollar is not a good omen for our national security.
Talking to delegation of the business community, he said the incumbent government or the next year new government should deal first and foremost to resolve the crisis of the rupee depreciation. “It’s just like the turbulence in the aircraft”.
Ahmad Jawad said it’s unfortunate that though our GDP is at 5.37%, we have record remittances, but we didn’t overcome the weakness of the currency. In this regard he proposed to place a temporary ban on all import of luxury items till the substantial recovery in the value of Pak rupee. “We have to curtail the import bill come what may”.
He further demanded that tractors should be available on affordable rates for the farming community. Government must draw some mechanism in this regard. He said now many people are complained about prices of tractors to the Pakistan Citizen Portal, a government owned and operated app designed as a grievance redressal system.
PBF VP said even before ploughing and after harvesting season, the demand for tractors shoots up. An artificial shortage is allegedly created by the tractors manufacturers, and the average delivery time is three months despite a 100% advance paid to them”.
He said it is surprising to note that the officials of two leading competitors have developed such a cordial business relationship that business suggestions for controlling and limiting the quantity supply of tractors in order to realize gains in terms of price and bookings are candidly being discussed.
Copyright Business Recorder, 2022