Efforts needed to amplify positive economic prospects

Monday, July 16, 2012 - Attock—President Attock Chamber of Commerce and Industry (ACCI), Tariq Mehmood has said the government needs to make an effort to extract positive economic activity from recent regional developments.

He said government would have to make an effort to ensure the positive impact of the NATO supply resumption and expected release of Coalition Support Fund of $ 1.2 billion.

Pakistan will continue to face threat of cut in international credit rating if it failed to introduce meaningful economic reforms, he warned.

Tariq Mehmood who is also Chairman FPCCI Standing Committee on Health, and Director Pak-UK Business Council said that domestic debt has touched mark of 7.5 trillion rupees, energy crisis is pulling economy down and private investment has been reduced by 12.5 per cent while foreign investment is dismal.

The government to take note of the gloomy situation and initiate reforms to take control of the current situation, he noted.

“Markets have responded positively, rupee has strengthened while dollar is retreating after reopening of Nato critical supply route which raised hopes for CSF reimbursement that can help reduce financial pressure on the government,” Chairman ACCI said while talking to business community on Sunday.

Requisite attention of the rulers to the economy will further lead to sustainable relief, he noted.