Islamabad : Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Sunday that the nation is gradually approaching political stability.
He said that the rupee’s value has been stable for several months, exports are increasing, and inflation is declining, which is encouraging.
He demanded that the incoming government should immediately sign a five-year deal with the International Monetary Fund (IMF) to improve the overall economic situation.
Shahid Rasheed Butt said in a statement issued here today that the general situation is improving, which has given some hope to the masses and the business community.
He said that the new government should ensure the success of the IMF’s review, after which it must sign a five-year agreement with the IMF to improve the situation.
He observed that a three-year or four-year program with the lender could not help achieve the required objectives, so a five-year agreement with the IMF can be made to stop the draining of the country’s resources for some time.
The IMF preconditions must include a reduction in the size of the government, sale of loss-making state-owned companies, complete restoration of the electricity and gas sector, increase in the tax net, and undertaking other necessary reforms.
Shahid Rashid Butt said that the IMF’s new program should also be subject to proper taxes on wholesale, retail, property, agricultural income and transport sectors.
According to official data, he said, the inflation rate fell to 23.1 percent in February from 28.3 percent in January. It was 38 percent in May.
However, he said, interest rates should not be reduced because of the fall in inflation, as this may not be acceptable to the IMF.
The business leader said that some export increase has been observed, which is reassuring. There has been no reduction in the value of the rupee for several months, but some black sheep are spreading rumors of the possibility of a reduction in its value against the dollar.
The currency mafia plans to earn billions of rupees by artificially appreciating the dollar’s value in the country. He said that an artificial shortage of dollars is also being planned for the purpose, adding that these elements should be treated according to the law with no leniency.
He added that social media is being misused, which has become a big problem for which a permanent solution should be found as it damages society and the economy.
