Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said those who spread rumours of financial emergency have caused severe damage to the economy and action should be taken against them.
Despite the government’s denial of the imposition of a financial emergency, the situation is not returning to normal, which is worrying, he said.
Mian Zahid Hussain said that the delay in the agreement with the IMF has started draining the rupee as investors are not ready to believe statements and they want something concrete.
Talking to the business community, the veteran business leader said that the currency market is in turmoil due to which the falling dollar has started stepping up again and the rupee has started depreciating which is disturbing.
The rupee had started stabilizing after the government sharply increased the prices of petroleum products and electricity tariffs, but rumours have changed the situation, he said, adding that the government officials should not make further statements to improve the situation, but should finalize the agreement with the IMF and take an immediate loan from China.
He said that it is difficult for the rupee to remain stable against the dollar unless foreign loans are realized.
ENDS/ONLINE
