LAHORE: The Businessmen Panel (BMP) of the FPCCI demands charter of the economy for the national consensus on core economic agenda may be devised so that private sector of this country has a clear mindset regarding economic plans of the country which is desperately needed in order to compete internationally.
In a joint statement, Panel Chairman Mian Anjum Nisar, Senator Ghulam Ali, Ahmad Jawad and Mian Usman Zulfiqar said the country is facing swear challenges of trade deficit and current account deficit which is increasing day by day and that is not a positive sign for us.
They said Pakistani imports are more than double of the exports; therefore, devaluation of local currency is not advisable as it will hit almost all the sectors and the entire population of the country.
The country is importing 65 per cent of the inputs used in the GDP while 35 per cent of the loans are in the dollar terms, therefore, devaluation could prove disastrous.
They said that government should try to avoid another loan from IMF as it will choke the economy which has just started performing well. Authorities should consider reducing the cost of doing business for the private sector and provide one window operation to facilitate the business community.
BMP official further termed that CPEC is critical for Pakistan’s growth and development. All stakeholders should arrive at a mini-charter of CPEC in terms of what it entails, and how shall it be implemented, and in terms of the kind of information, incumbent governments ought to make public to avoid conspiracies and blockades in the way of the CPEC. Liberalizing trade with India, Afghanistan and Iran should also be a part of the regional agenda.
Similarly, we may focus and develop a consensus framework to increase Pakistan’s voice and presence across various regional and multilateral economic forums and bodies including the IMF, World Bank, BRICS Bank, ADB, and AIIB. Pakistan’s commercial consulates abroad ought to be strengthened for the promotion of trade and investment and their performance duly monitored by a multi-party oversight committee.
