Arif Habib confident of economic revival


LAHORE – The business community in Pakistan must not lose hope as the economy will revive in the current year, while inflation will decrease as a result of the base effect by the end of current fiscal year. These views were expressed by AHCL Chairman Arif Habib, on Thursday, while addressing a gathering of share holders, investors and journalists at the Lahore Stock Exchange (LSE).
The meeting, called “Corporate Briefings Program”, was held to increase efficiency and parity in the marketplace. AHCL chairman stated that the country is facing serious problems like inflation, energy shortage and fiscal deficit. However, he expressed optimism regarding investment and business growth in Pakistan despite the prevalent problems.
Addressing the gathering, Habib said that inflation would decrease due to base effect by the end of this fiscal year, while the interest rate would also decline. This would stimulate business activity in Pakistan. He said that fiscal deficit delayed installment delivery, forcing the government to borrow from the SBP. He said that increasing understanding between companies and investors was needed, especially for long term benefit.
He stated that the portfolio of AHCL investments had reached Rs 23 billion, a great achievement by the company. He maintained that investment is the only way to progress and create employment opportunities. He claimed that fertiliser and banking sectors are performing well, while the energy sector, despite challenges, survived.
He said that the Kohat oil reserves were enough to end Pakistan’s dependency over imported oil.