The leaders of United Business Group (UBG) Chief Petron SM Munir and President Zubair Tufail have called upon the government and opposition to shun their differences and immediately sit together to devise the strategies to meet challenges of poor economy and looming poverty and inflation before it is too late.
The entire nation is passing through the worst situation which has been further aggravated by devastating flood while all the political parties seem to be non serious in resolving the present critical economic situation, they added.
They lamented that Pakistan has failed to attract a significant amount of FDI for more than a decade and the recent political turmoil has further damaged the country’s image abroad. The significant fall in FDI reflecting the poor performance of economy on external front as well.
They said the data released by the State Bank of Pakistan regarding significant decline in outflow of profits and dividends of foreign investment is because of lacklustre economic activities in the country. The latest data of SBP also reveals that the repatriation of profits and dividends nosedived to $ 28.2 million in July – August against $ 396.4 million during the same period of last year. It has been further revealed in the report that the economic activities started contracting mainly because of political uncertainty plaguing the economic horizon of the country.
The country-wise out flows in comparison to last year were $ 3.1 million to China against $37.5 million, $0.1m to Switzerland against $41.4m, $2.9m to UK against 94.8m, $8.5 m to USA against $86.9m.
UBG also states that the imposition Of supertax led to reduce dividends payouts , slowdown in economic activities and reduced demand and supply.
