The Businessmen Panel (BMP) of the FPCCI demands Charter of economy for the national consensus on core economic agenda may be devised, so that private sector of this country has a clear mindset regarding economic plans of the country which is very much needed in order to compete internationally.
In a joint statement, Panel Chairman Mian Anjum Nisar, Senator Ghulam Ali, Ahmad Jawad and Mian Usman Zulfiqar said country is facing a swear challenges interims of trade deficit and current account deficit which is increasing day by day and not a positive sign for us.
They said Pakistani imports are more than double of the exports; therefore, devaluation of local currency is not advisable as it will hit almost all the sectors and the entire population of the country.
The country is importing sixty-five percent of the inputs used in the GDP while thirty-five percent of the loans are in the dollar terms, therefore, devaluation could prove disastrous.
Official said that government should try to avoid another loan from IMF as it will choke the economy which has started performing well.
Authorities should consider reducing the cost of doing business for the private sector and provide one window operation to facilitate the business community.—NNI