Mr. Irfan Iqbal Sheikh, President FPCCI, said that the business community of Pakistan appreciates the effective, timely and crucial role played by the Army Chief in swiftly reducing economic uncertainty; bringing back stability and fostering positive sentiment in the country. Controlling speculative trading of dollar and putting a stop on its smuggling are the most effective and meaningful steps in the right direction by COAS, he added.
Mr. Irfan Iqbal Sheikh recalled that dollar was trading at 336 on 4 th September in the open market and today it has come down to 276. In an export-dependent economy like Pakistan, currency depreciation is the mother of all evils as it fuels inflation, increases cost of production, escalates debt repayments and eliminates fiscal space for developmental expenditures.
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 PKR. 40 per litre for petrol and PKR. 15 per litre for high speed diesel.
Mr. Irfan Iqbal Sheikh maintained that crackdown on smuggling is another praiseworthy step taken by the Army Chief; which has resulted in improved supplies of the essential commodities & agricultural inputs in the country and their prices are experiencing significant decline in the domestic market.
Mr. Irfan Iqbal Sheikh apprised that due to rupee’s consecutive appreciation against dollar over the past 5 weeks, Pakistan’s external debt has been reduced by a staggering 4000 billion rupees. 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.
Mr. Irfan Iqbal Sheikh also maintained that the engagements of business community with the Army Chief in the recent past is no less than a breadth of fresh air after the uncertainty and volatility in the economy over the past couple of years. After detailed meetings with him in Karachi and Islamabad, we were feeling relieved, hopeful and confident that we will be able to play our rightful role for economic recovery and stabilization in the broader national interest, he added.
Mr. Irfan Iqbal Sheikh agreed that – given the huge economies of Pakistan’s friendly countries – it is absolutely possible to bring $25 billion investment in the near-term of less than one year and $100 billion in short to medium term of one to three years.
