Politicians should not divide the nation, demand of business leaders
Business leaders have expressed concern over the conduct of political parties and said that politicians should not divide the nation.
Organized by the Forex Association, the conference on “Strong Rupee Strong Pakistan” was held on Saturday at a local hotel in Karachi in view of the phenomenon of extraordinary appreciation of the dollar and the country’s economic crisis. A large number of traders from all walks of life including Forex, Real Estate, Industry and Trade participated.
Addressing the conference, the speakers said that the rapid depreciation of the rupee is worrisome, the country is facing the worst economic challenges and political instability is hurting foreign investment, which political parties need to overcome. We have to forget our differences and work for the betterment of the country.
Business leaders also demanded that the government impose an economic emergency in the country.
Chairman Arif Habib Group Arif Habib, Chairman Abad Mohsin Sheikhani, Chairman Forex Association of Pakistan Malik Mohammad Bostan, General Secretary Exchange Companies Association Zafar Paracha, Former Senior Vice President of FPCCI Mohammad Hanif Gohar, Dr. Mirza Ikhtiar Baig, Abdul Majeed Pardesi, Hanif Galaxy, Hanif Memon, Haji Haroon addressed the gathering.
Arif Habib said that the biggest problem facing Pakistan is the lack of Forex exchange, our country’s imports and exports are much higher and the country is facing a current account deficit of ارب 27 billion annually, exports and remittances this year. There has been improvement but more attention needs to be paid to increasing exports and remittances while overseas Pakistanis will have to be provided investment opportunities in the country.
He said that political instability has frightened the investors and the business community has to come to the fore and put pressure on the political parties.
Arif Habib said that it has become necessary to abide by the conditions of IMF. With the end of subsidies, there will be inflation in the country.
He suggested that the import of vehicles should be stopped for 5 years, saving 15 to 18 billion dollars by stopping unnecessary imports.
Mohsin Sheikhani said that the political turmoil has spread havoc, Finance Minister Muftah Ismail should immediately implement the IMF policy. He said that the IMF has become a compulsion for the country’s economy, the government should go beyond political pressure and negotiate with the IMF.
Addressing the conference, Mirza Ikhtiar Baig said that the economic situation has worsened, the country’s economy has become very weak, the country’s foreign exchange reserves have been sharply reduced, the country has only one and a half months import bill.
He said that political parties have to end tension, the dignity of financial institutions is being tarnished in the country, do not make the army controversial, the country cannot afford it but the country is being harmed and India is succeeding in its conspiracy. ۔
Zafar Paracha said that import of luxury items must be stopped immediately, economic emergency must be imposed in the country, stock market investors are nervous, overseas Pakistanis want to invest in the country, foreign loans are a vow of corruption instead of investing in the country. Yes, political parties have to agree on one point.