Rising threat: PBIF chief warns of consequences amid oil crisis
Government should cut non-developmental expenditure, abolish subsidies, downsize state-run organisations
PHOTO: REUTERS
ISLAMABAD:
Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain on Tuesday said the volatile international oil market has emerged as a great threat for oil importing countries.
Export sector should be equipped with latest trends so that it can help in earning the country much-needed foreign exchange, he added.
Published in The Express Tribune, February 24th, 2016.
Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain on Tuesday said the volatile international oil market has emerged as a great threat for oil importing countries.
“Developing countries including Pakistan are heavily dependent on remittances therefore downturn in Arab nations is not affordable to them.” The veteran business leader said that GCC countries have lost $500 billion in one year which should act as a wake-up call to push oil importing countries to brace for the situation, reduce expenditures and deficit and improve income through tax reforms and exports.
“Government should cut non-developmental expenditure, abolish subsidies, downsize state-run organisations and take other necessary steps.”
Export sector should be equipped with latest trends so that it can help in earning the country much-needed foreign exchange, he added.
Published in The Express Tribune, February 24th, 2016.