Mian-Zahid-Hussain
BUSINESS

Double-digit fall in imports strengthening forex reserves: Mian Zahid Hussain

KARACHI – President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said the double-digit reduction in imports are strengthening forex reserves.

Imports have been reduced by 33 percent in the five months of the current fiscal which is also resulting in some serious problems. 

Talking to the business community, the veteran business leader said that rupee is gaining strength but it has not resulted in reduction in prices.

The former minister noted that exports have jumped by almost five percent to 9.54 billion during July-November but it is insignificant despite the repeated reduction in the value of rupee and relaxations to the export industry. 

The export situation is not satisfactory which may result in a missed target set at 26 billion dollars however attention to tax and refund issues can make a change.

Mian Zahid Hussain said that last year the five-month deficit was 14.43 billion which is now 9.66 billion which is a success. The commerce ministry has projected that annual deficit can be reduced to 12 to 19 billion dollars which was 31 billion dollars during the last year. 

He said that the relaxations given to the export sector are not enough as abolishing zero-rating has damaged the export sector, therefore, the facility show be given back or special status to the export sector must be announced. 

He noted that FPCCI which is the apex representative body of the industrialists and traders remained indifferent to the economic situation and problems of the business community. 

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