KATI expresses concern over deteriorating economy

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Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rehman has expressed his concern over the worsening situation of the economy. He said that foreign exchange reserves in the country are decreasing dangerously, in such a situation, smuggling of dollars is an anti-national act. On the other hand, inflation has reached an all-time high.

Due to continuous increases in production costs, and shortage of gas and raw materials stuck at the port, the difficulties of the industrialists are increasing day by day. The industrialists cannot afford to pay a fine of 120 dollars per day in terms of demurrage.

President KATI said that the situation is getting worse due to the delay in the recovery of the 9th installment of the loan from the IMF and the lack of sufficient assistance from friendly countries. Rehman said that now the situation is that the orders of the exporters are feared to be canceled due to which Pakistan will lose its reputation in the global market.