Pakistan Businesses Forum (PBF) says the historic decrease of rupee against the US dollar was an unprecedented event that was never witnessed before in the 74 years history of Pakistan.
From 1947 till 1988, we went to the International Monetary Fund (IMF) four times, however, 1998 onwards, seeking an IMF package became more than a fashion for any government, especially since no government wanted to reduce its expenses.
PBF Vice President, Ahmad Jawad said the attitude was the same, whether we talk about the ministries, state-owned enterprises or the provincial governments.
Despite there being no end to expenses, the focus was never on reviving the agriculture sector, or working on the small and medium enterprises to make them more viable to transform the country’s economy in the long run.
Thus, instead of building the capacity to pay back the loans, the government continued to borrow to service the previous loans.
Nobody can guess where the country is currently headed in terms of the exchange rate. The business community and the masses are in utter confusion as to why the people of Pakistan are compelled to purchase petroleum commodities at the rate of Rs 147 per litre, an unprecedented occurrence.