Islamabad, May 24, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said the future of the country depends on the economy but all the attention of the rulers is focused on politics. The economy is going down but required steps are not being taken which will result in an economic collapse, he warned.
Shahid Rasheed Butt said that the country needed responsible economic management but nobody seems interested in the revival of the crumbling economy. He said that political reconciliation is necessary to deal with the economic crisis but there are no signs. Political crisis destroying the economy while investors are panicking over the state of affairs and conflicting messages about the next general elections, he observed.
The PML-N wants to stay in power until August 2023, but the opposition wants immediate elections resulting in a stalemate. The business leader noted that double-digit inflation, rising debt, increasing deficits, failing state-owned enterprises, heavy borrowing, declining investment and the energy crisis are matters that need urgent attention.
The previous government announced fuel subsidies in its last days resulting in a loss of 600 million dollars per month. The current account deficit is at an all-time high of $15 billion this year and Pakistan urgently needs about $ 5billion to service debts and bridge the current account deficit.
At present, foreign exchange reserves have shrunk to $10 billion, which can cover only six weeks of imports. In the last six months, the value of the local currency has plummeted by almost 20 percent, affecting investor confidence and significantly increasing debt. The dollar has appreciated by more than 22 rupees since the no-confidence motion in which hoarders of dollars have played a major role.
For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571