New Afghan policy is in line with interests of the country
Islamabad
Business leader and former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Friday that the government is making prudent decisions on political, economic, and external fronts which are improving the economy and promoting the interests of the country.
He said that a lot of time has been wasted in making a balanced policy regarding Afghanistan, which has caused considerable losses to the country. Now, a new policy has been made that aligns with the country’s interests.
Shahid Rasheed Butt said in a statement issued here today that the new regional strategy is highly commendable, and the fruits will start coming soon.
The business leader said that, on the one hand, economic matters are improving, and on the other hand, records of remittances are being broken. The volume of remittances is likely to reach $35 billion.
He said that inflation has fallen to 4.1 percent, interest rates are moving towards single digits, the current account is in positive territory, and good news is coming from all sides, making the public and business community happy.
Two years ago, in the same month, foreign exchange reserves were less than $8 billion, and the country was going bankrupt; now, foreign exchange reserves have increased to more than $16 billion.
Inflation has fallen from 38 percent to 4 percent. In comparison, the policy rate has decreased from 22 percent to 13 percent and will be reduced further.
Shahid Rashid Butt said that the government’s decision to reduce the price of electricity is welcome because neither the country can make real progress at the current price of electricity nor can inflation and unemployment be reduced.
The price control system in the country is also ineffective, which is taken advantage of by profiteers, and they start robbing the people as soon as they get the opportunity.
According to the IMF, the unemployment rate in Pakistan is currently 7.5 percent, while according to the World Bank, 40 percent of the population in Pakistan is living below the poverty line.
The poverty rate in Pakistan has increased by seven percent in 2024, he said. The average per capita income of Pakistanis, which was $1,766 in fiscal year 22, has decreased to $1,680. Along with economic recovery, policies that can save the people from inflation and unemployment are needed, he demanded.
