No need for emergency

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FINANCE Minister Miftah Ismail on Monday said Pakistan has come out of financial crisis after two episodes of increase in petroleum prices in quick succession and hence no need of declaring an economic emergency.

Separately, the Finance Ministry and State Bank of Pakistan ruled out freezing the foreign currency accounts.

Rumours were circulating, especially on the social media about possibility of imposing restrictions on the foreign currency accounts in the current economic situation.

Hence the statements by the Finance Minister and the Central Bank are timely and will help promote positive sentiments in the market.

Those spreading rumours about the economy are doing no favour to the country. Whilst rising above the political affiliations, they should refrain from negative approach that hurt the interests of the country.

Market players and private sector should also give no ears to these speculations as the government has already taken the difficult decisions such as reducing the subsidies on fuel to secure funding from the IMF as well as other multilateral donors.

Some friendly countries are also expected to extend the helping hand. Whilst the government has swallowed the bitter pill, we are confident that from here onward the things will head towards improvement.

Now is the time to give confidence to the entrepreneurs about the continuity of policies.

A business friendly environment is the only way through which we can attract foreign direct investment and address the economic woes of the country.

Friendly countries such as Saudi Arabia have expressed interest of investment in the country.

Engagement level should be increased with their authorities concerned to materialize them at the earliest.

It is only through FDI we can enhance our industrial and agriculture base and diversify our export basked which is the only way forward to deal with macroeconomic imbalances.

At present, the inflationary trends are badly affecting the low and middle income groups. The government must come up with plans to stabilize the prices of essential commodities whilst providing subsidy to those who need it the most.

 

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