Business Community Appreciates Army Chief’s Role in Economic Stabilization

Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Irfan Iqbal Sheikh on Monday said the business community appreciates the role played by Chief of Army Staff (COAS) General Syed Asim Munir in swiftly reducing economic uncertainty bringing stability and fostering positive sentiment in the country. Controlling the speculative trading of the dollar and putting a stop to its smuggling are the most effective and meaningful steps in the right direction by COAS, he added. Sheikh recalled that the dollar was trading at 336 on 4th September in the open market and today it has come down to around 276. In an export-dependent economy like Pakistan, currency depreciation is the mother of all evils as it fuels inflation, increases the cost of production, escalates debt repayments, and eliminates fiscal space for developmental expenditures, he added. The FPCCI chief added that coupled with a decline in international crude prices, these steps have enabled the government to slash the prices of petroleum products by a historic Rs. 40 per liter for petrol. He said that the crackdown on smuggling is another praiseworthy step taken by the Army Chief which has resulted in improved supplies of essential commodities and agricultural inputs in the country and their prices are experiencing a significant decline in the domestic market. Sheikh said that due to the rupee’s consecutive appreciation against the dollar over the past 5 weeks, Pakistan’s external debt has been reduced by a staggering Rs. 4,000 billion. The entire business, industry, and trade community is optimistic that the process of economic revival has kick-started and it will mark the end of hopelessness in Pakistan’s economy, flight of capital, and brain drain, he added. Sheikh said that the engagements of the business community with the Army Chief in the recent past are no less than a breadth of fresh air after the uncertainty and volatility in the economy over the past couple of years.