President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that the government should establish sector-specific companies to boost exports as reduced imports is not a sustainable solution to tame the deficit. He said efforts of the government to reduce current account deficit are succeeding.
The governments decisions have been pushing economy towards stability but reducing exports are not enough as increasing exports can ensure sustained stability, he said. Mian Zahid Hussain said that current account deficit is going down after a long time which is also good for forex reserves which have remained under pressure for a long time. He said that the government is trying to contain deficit by discouraging imports and increasing discount rates which is a temporary solution. The deficit reduced by 73 percent to $579 million in July which was $2.13 billion during the corresponding period which will improve the confidence level of the business.