Pakistan is entering a near impossible situation. The country has probably never seen such a week political and economic conditions since its inception said Ateeq ur Rehman (Economic & Financial Analyst).
To coup up with such circumstances not only the government the masses have to participate in some voluntary restraint on yesterday basis. As a matter of fact, we need to build a Consumer Society otherwise nobody on earth can save us from crippling and default. In the International Market Palm Oil price has reached $1800, it demands a reduction in our consumption to save our foreign exchange. The Brent has reached $110 to $115; we mandatorily need to decrease our petroleum usage to save our economy from growing the balance of payment crisis. Further we have to regulate our uncontrolled travelling, only last month we have had purchased approx $400 million travel tickets and have had spend additional approx $750 million on travel allied services, lodging boarding & shopping, gifts, etc. We cannot afford it in these current economic situations unless regulated. Still the import of luxury items including cars, mobiles phones, food & confectionary items are on. This is a very serious matter if we do not put restrictions on the import of such luxury items immediately there are chances of landing into turbulent economic conditions – the trade deficit, current account deficit and balance of payment will continue to rise.
For a fact , despite political uncertainty and loose of control on economy by the government the compliance by overseas Pakistanis in their continuation to invest in Roshan Digital Account and posting strong growth of Home Remittances is remarkable. It not only covers the building of depleting foreign exchange reserves but also a relief to our foreign exchange reserves. We need such amazing and encouraging steps to recover our shaded economy said ateeq.
