Govt to promote barter trade to ease dollar pressure

Punjab Assembly election

Governor Punjab Eng Muhammad Baligh Ur Rehman Thursday said that the government was fully encouraging the promotion of barter trade to ease dollar pressure on Pakistan economy.

He was talking to Chairman Kyrgyzstan Trade House and Coordinator to Federal Tax Ombudsman Meher Kashif Younis at a reception hosted in his honour in Lahore by Dr Waqar Ch.

The governor said Pakistan would export bitumen to Kenya and Kenya in return would export tea to Pakistan under barter trade system. He said negotiations in this regard were in final phase by the private sectors of both countries.He said in prevailing financial crunch,it was one of the way out to meet requirements without involving foreign exchange.

He said Prime Minister Muhammad Shehbaz Sharif in the wake of fragile economy, had categorically directed federal ministries of finance, commerce, export promotion bureau and Ttrade Development Authority of Pakistan, Federal Board of Revenue and all other relevant departments to encourage the concept of barter trade and facilitate the private sectors on top priority. He hoped economic situation would improve in the days to come as all out endeavours were being made to cope with financial setback in the wake of covid and catastrophic floods.

He said the barter system was simple with no complexities involved unlike monetary system, natural resources would not be overexploited, power would not be concentrated in some circles, there would not be problems of balance of payments and foreign exchange crisis, or other complex problems.—APP