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Pakistan going through a serious economic crisis: Zahid

Karachi: FPCCI’s Businessmen Panel SVP President Pakistan Businessmen and Intellectuals Forum and former provincial minister Mian Zahid Hussain on Friday said increasing exports is the best way to strengthen local currency, shore up forex reserves, tackle circular debt and retire foreign and local debt. Pakistan is going through the one of the most serious crisis in its history which is the outcome of mismanagement of the past and the recent pandemic which can leave eighteen million people unemployed, he said. Talking to the business community, the veteran business leader said that Moody’s Investors Service has put top five Pakistani banks under watch for possible downgrading of their long-term local and foreign deposit and credit ratings, suspecting Islamabad may default on repayment of debt to global “private-sector creditors” which would also weaken the banks’ ability to operate. He said that this is a very serious development which is result of a delayed response to the issue of commercial loans that should be tackled properly, adding that manipulation of the exchange rate in the past, promotion of imports and discouraging good export policies have played havoc with the economy. Online



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