LAHORE
\nThe Pakistan Business Forum (PBF) has expressed the optimism that the interim federal government would help improve fiscal indicators of the country.
\nForum\u2019s Vice President Chaudhry Ahmad Jawad told the media here on Saturday that, in a letter to the caretaker prime minister, the PBF hoped that he would focus on economic revival, besides paying attention to uplift of deprived areas of Pakistan.
\nAhmad Jawad said that Pak Rupee depreciated by Rs 163 against the US dollar during the last five years, which had adverse effects on the common man\u2019s living, businesses and manufacturing sector, besides imports and exports of the country. He opposed free float policy on currency, initiated by the last parliament, as it resulted in unprecedented decline of rupee against the US dollar.
\nSince 1947 until 1988, Ahmad Jawad cited, Pakistan approached the International Monetary Fund (IMF) four times; however, from 1989 onwards, successive governments had made it a custom to get an IMF package instead of reducing their expenses.
\nHe claimed that no government had ever paid a serious heed to revival of agriculture sector or work on small and medium enterprises to make them more viable to transform the country\u2019s economy in the long run. Thus, instead of building the capacity to pay back loans, the government continued to borrow to service the previous loans.
\nThis situation demanded effective steps to stabilise the Pak Rupee besides ending market speculations.
\n\u201cAs we believe that the real exchange rate of the US dollar against the Pak Rupee is less than Rs 200, and for all practical reasons, the current depreciation cycle is the direct result of speculative trading, lack of regulatory oversight and mismanagement of the forex market,\u201d he asserted.
\nThe PBF vice president urged the interim government to stabilise the currency to propel the economic activity.<\/p>\n","protected":false},"excerpt":{"rendered":"
LAHORE The Pakistan Business Forum (PBF) has expressed the optimism that the interim federal government would help improve fiscal indicators of the country. Forum\u2019s Vice President Chaudhry Ahmad Jawad told the media here on Saturday that, in a letter to the caretaker prime minister, the PBF hoped that he would focus on economic revival, besides […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-350455","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n