Businessmen have expressed their shock over the formation of Economic Advisory Council (EAC) under the leadership of Prime Minister Shehbaz Sharif without consulting the business, industry and trade community.
“We have not been given representation in the council, and it is counterproductive – to say the least,” said Irfan Iqbal Sheikh, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), in a statement.
He emphasised that the FPCCI was the apex chamber of the country and its representation would provide timely assistance to the prime minister and his economic team in matters of budget-making, taxation and tariffs, governance and administrative reforms, rapid industrialisation, textile and allied industries, promotion of information and communication technologies, Export Processing Zones and Special Economic Zones, export growth and import substitution, rupee-dollar parity and small and medium enterprises (SMEs).
He noted with concern that the current account deficit would be close to $20 billion, which was well above 5% of GDP, inflation had crossed 12% and was heading towards 15% by the year’s end, trade deficit had crossed $35 billion in nine months (Jul-Mar), Kibor was at 14.10% after 13 years and six-month treasury bills were at 14.99% after 22 years.
“Interestingly, this is happening in spite of record proceeds from exports, remittances and taxes.”
The FPCCI chief expressed his willingness to engage with the government in a productive consultative process to take on economic challenges collectively in the broader national interest.
Published in The Express Tribune, April 30th, 2022.
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