The founder resident of the Islamabad Women’s Chamber of Commerce and Industry (IWCCI), Samina Fazil, Sunday lauded Prime Minister Nawaz Sharif for taking a decision to keep exchange rate stable.
Exports are down but the government will soon overcome the problem by announcing a package to bail out the limping external sector, she said in a statement.
Samina Fazil said that devaluing currency would have put government under pressure, triggered inflation, and eroded savings of the masses.
A devalued currency make debt servicing costly and increase interest for the borrowing country which is something Pakistan cannot afford at this juncture, she said. She said that a weak rupee would be an incentive for the masses and business community to prefer dollar over local currency which can initiate dollarization.
She said the government should reduce cost of doing business for the export sector, offer incentives, find new markets, pay refunds and stress on value addition.
Samina Fazil said that electricity and gas tariff for the power sector should match those offered in the competing countries while tax system should be simplified.
She said that reduction in GIDC was not possible at that time as the government was earning around Rs 145 billion under this head.
nous resources and promotion of Pak exports.