The Pakistan Economy Watch (PEW) on Saturday lauded Prime Minister Nawaz Sharif for refusing to devalue currency to spur exports and keep interests of masses supreme over everything else.
The decision indicates that interests of 200 million masses cannot be sacrificed over interests of businessmen for which government deserve all the praise, said Dr. Murtaza Mughal, President PEW.
He said that a group of exporters led by President FPCCCI met Prime Minister and demanded to devalue currency by ten percent to support exports which was refused.
He said that TDAP recently asked government to devalue currency by ten percent and start printing currency which was an example of blaming others for ones own faults.
Exports have gone down because of the host of reasons for which masses cannot be punished, he said, adding that deficit should be financed by increasing tax base and not printing currency which will sink country into inflation.
Dr. Murtaza Mughal said that government should reduce cost of doing business, revisit energy tariff, rationalise taxes, and pay of refunds.
Devaluing rupees will make imports costly which are double than the exports, it will increase size of foreign debt and interest being paid on loans.
Moreover, devaluation will trigger inflation, increase price of fossil fuel, edible oil machinery etc. which will hut every citizen of the country.
