ISLAMABAD : The Federation of Pakistan Chambers of Commerce and Industry President Mian Anjum Nisar has stressed the need for serious structural reforms, with a keen focus on value-addition for a sustainable economic growth, recommending the government to raise exports to double digit of the GDP till the end of its term, as Pakistan’s exports have bounced back after witnessing decline in last four months. Country’s exports have fetched $1.99 billion in July 2020, witnessing 5.8 percent growth in dollar terms.
Mian Anjum Nisar said that consistent borrowing by developing economies to shore up its reserves in desperate times is only to lead towards a debt trap. He said that borrowing from friendly countries should only be seen as a short-term solution to prevent reserves depletion and consequent further depreciation of the currency.
Mian Anjum Nisar stressed that focus should be on promoting exports and restricting imports alongside making domestic industry more competitive and subsequently expand its export market.
