AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, The economy of Pakistan is showing signs of moving towards stability, Mian Zahid Hussain, Chairman of National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister. Hussain emphasized the importance of managing debt repayments to enhance the trust of foreign and local investors.
According to Pakistan Businessmen and Intellectuals Forum, Hussain, in a meeting with the business community on Thursday, highlighted the need for adequate arrangements for repayment of loans. He noted that such measures are crucial for improving Pakistan’s global ranking and instilling confidence in both foreign institutions and local investors.
Hussain outlined several positive developments in the financial, external, and industrial sectors, including a reducing deficit, satisfactory foreign exchange reserves, and a stabilizing currency. However, he stressed the importance of increasing exports and remittances to avoid a persistent fiscal deficit.
He also mentioned improvements in governance and social welfare sectors, crediting the Special Investment Facility Council (SIFC) for enhancing the investment climate. The involvement of the military in the SIFC has contributed to policy continuity and stability, thereby boosting investor confidence. Hussain called for increased cooperation with the Gulf States, China, the European Union, and the United States.
Additionally, Hussain remarked on the satisfactory condition of the stock market and large-scale manufacturing sector. He noted improvements in the agricultural industry, rising revenue, and reduced unnecessary expenditure. However, he cautioned against unnecessary imports that could add to the deficit and devalue the currency.
The appreciation of the rupee has been positive for Pakistan’s fiscal position, reducing the debt burden and creating room for development expenditure. Despite these indicators, Hussain pointed out that some international institutions have expressed concerns about Pakistan’s debt repayment capacity and political situation, potentially leading to new economic challenges.
Hussain concluded by expressing optimism about Pakistan’s future economic prospects, especially if another agreement with the IMF is reached, which could lead to reduced domestic problems and an improved global ranking for Pakistan.
The post Pakistan on Path to Economic Stability, Urges Adequate Loan Repayment Arrangements, Says Mian Zahid Hussain appeared first on Pakistan Business News.