Sustainable growth: official for export-boosting policies

There is a need for developing policies to boost exports instead of borrowing funds from the State Bank of Pakistan

LAHORE: The All Pakistan Business Forum (APBF) asked the government to work on a sustainable basis to build foreign currency reserves and focus on economic growth.

In a statement, it stressed the need for developing policies to boost exports instead of borrowing funds from the State Bank of Pakistan (SBP) during the next fiscal year as total borrowing in the just-ended fiscal year doubled to Rs2.7 trillion.

APBF President Syed Maaz Mahmood noted that disappointing revenue collection during fiscal year 2018-19 forced the government to borrow heavily from the SBP but the decision not to borrow from next fiscal year was not in line with actual revenue position of the government.

He said possible huge flow of funds from banks to the government would practically dry up liquidity for the private sector, ultimately affecting the overall economic activity.  

Published in The Express Tribune, July 7^th, 2019.

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