Islamabad(PR):President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday asked the authorities to take notice of the falling exports and dropping remittances which has almost doubled the current account deficit in the first two months of the current fiscal year.
\nCurrent account deficit in the first two months as compare to the last year’s rose by 92 percent due to deteriorating exports while imports continue to rise, he said.
\nMian Zahid Hussain said that textile sector exports fell by 2.64 percent, remittances witnessed a fall of 3.2 percent while private sector credit fell by Rs 227 billion which is a very serious development.
\nHe said that current account deficit has jumped from 686 million dollars to 1.32 billion dollars which is very alarming as it can inflict harm on balance of payments position.
\nThe deficit of first two months was 1.4 percent of the GDP which has now climbed to 2.5 percent that needs immediate intervention of the authorities, he demanded.
\nHe said that exports fell from 3.49 billion dollars to 3.22 billion dollar while imports grew from 6.80 billion dollars to 6.97 billion dollar.
\nWorkers remittances which helps government to settle almost half of the import bill also fell by 3.2 percent which is alarming, he noted.
\nMian Zahid Hussain noted that exports of food items including rice and fish fell by 23.15 percent while export of raw cotton slipped by over 100 percent due to 34.28 percent fall in cotton crop output.
\nHe asked the authorities to take notice of the situation while SBP should try to reverse the trend of private sector credit off take.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad(PR):President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday asked the authorities to take notice of the falling exports and dropping remittances which has almost doubled the current account deficit in the first two months of the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-3999","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n