Islamabad, April 01, 2018 (PPI-OT): Islamabad Chamber of Small Traders on Sunday said exchange rate erosion has become the order of the day which is hurting the economy and majority of the population. The free-fall of the economy can be stopped through meaningful reforms aimed at increasing exports and remittances otherwise country will have to borrow more, it said.
The country is borrowing to repay debt and if the economy is not but on track the volume of loans can surpass the volume of GDP in few years, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. He said that trade deficit is at a record high of 35 billion dollars, current account deficit is at an all-time high of 15 billion dollars while budget deficit has broken all the previous records to touch the mark of two trillion rupees.
The forex reserves are depleting at a fast pace while the requirements for the current year stands at 26 billion dollars minimum which cannot be arranged easily, he added. Shahid Rasheed butt said that there are sixteen countries having loans more than their GDP and Pakistan can join the club within few years if all the political and other forces continue to ignore the plight of the economy.
Among that sixteen countries some have utilized the borrowed money for the development of their economies but we have wasted a major chunk of the borrowed money which has increased the miseries of the masses, he observed. The business leader said that all the political and other forces must unite to turn economy around otherwise the situation will go out of control which will be unfortunate.
For more information, contact:
Islamabad Chamber of Small Traders and Small Industry (ICSTSI)
24-D, 3rd Floor, Rashid Plaza Blue Area, Jinnah Avenue, Islamabad, Pakistan
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