Jun 112017
 

According to some media reports, Pakistan’s foreign exchange reserves have decreased by 5.8pc. The reserves which have now plunged to $20.5 billion contradict the government’s claims that the economy is on track. The fragility of the external sector gets exposed with falling exports, rising imports and the widening trade imbalance. Another news report states that the business community is up in arms against the anti-business and anti-investment policies of the present government. The Federation of Pakistan Chambers of Commece & Industry (FPCCI) has rejected the budget for the year 2017-18 on the grounds that the budget discourages domestic industries and investment.

In addition, the Overseas Investors’ Chamber of Commerce and Industry has also voiced concern over the measures proposed in the budget which would resduce the inflow of FDI and force foreign companies to move out of the country. The government continues to stick to its stereotype flawed policies while the budget offers no hope for the improvement of the common man. The beneficiary of the government’s unfavourable policies has been the rich while the common man has only bear the brunt of a failing economy.

A Majeed

Karachi

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