Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Irfan Iqbal Sheikh on Monday said the business community appreciates the role played by Chief of Army Staff (COAS) General Syed Asim Munir in swiftly reducing economic uncertainty bringing stability and fostering positive sentiment in the country.
Controlling the speculative trading of the dollar and putting a stop to its smuggling are the most effective and meaningful steps in the right direction by COAS, he added.
Sheikh recalled that the dollar was trading at 336 on 4th September in the open market and today it has come down to around 276. In an export-dependent economy like Pakistan, currency depreciation is the mother of all evils as it fuels inflation, increases the cost of production, escalates debt repayments, and eliminates fiscal space for developmental expenditures, he added.
The FPCCI chief added that coupled with a decline in international crude prices, these steps have enabled the government to slash the prices of petroleum products by a historic Rs. 40 per liter for petrol.
He said that the crackdown on smuggling is another praiseworthy step taken by the Army Chief which has resulted in improved supplies of essential commodities and agricultural inputs in the country and their prices are experiencing a significant decline in the domestic market.
Sheikh said that due to the rupee’s consecutive appreciation against the dollar over the past 5 weeks, Pakistan’s external debt has been reduced by a staggering Rs. 4,000 billion. The entire business, industry, and trade community is optimistic that the process of economic revival has kick-started and it will mark the end of hopelessness in Pakistan’s economy, flight of capital, and brain drain, he added.
Sheikh said that the engagements of the business community with the Army Chief in the recent past are no less than a breadth of fresh air after the uncertainty and volatility in the economy over the past couple of years.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
Muslim countries are on a downfall. One reason is this worship of Personalities. Here one person or one institution tries to get all power and then feel happy on getting all the praises. Economic policy making is not the job of Army Chief. We need supremacy of merit and please develop a system where brilliant and professional people come on top.
Mr. Sheikh conveniently forgot where was dollar when namalooms took over in march 2022.
Take it to 170 and people will have to accept namalooms CAN work for Pakistan indeed. Until then these small and short term lolly pops are not going to solve major and long term problems of Pakistan.
Start showing actions that people can SEE that elites are serious about solving problems for the long term and people will not care who rules them or from where.
Dude, stay positive. Pakistan will be weaker without a strong Army. Please, let’s pray things go well for all of us.
جس کام لیے رکھا ہے اس کے علاوہ ہر کام میں پچھتر سالوں سے ٹانگ اڑائی ہوئی ہے۔ بلکہ الٹا ڈالرز لے کر اپنے ہی شہریوں پر ڈرون حملے کروانا یا انہیں امریکہ کے ہاتھ بیچ دینا۔ بس یہی چل رہا ہے۔
کشمیرتو بیچ چکے یہ جنرلز، اب آرمی کا بجٹ ختم کر دینا چاہیے۔