ISLAMABAD: FPCCI’s presidential candidate Engr. Daroo Khan Achakzai on Friday said no one should be allowed to benefit from the current uncertain situation in the country.
Some elements are trying to play with the local currency to make fortunes in a short span which should be discouraged in the national interest, he said.
In a statement, he said that the current situation should be improved as soon as possible so that sentiments could be calmed and economic activities can gain momentum.
He said that the volatility of the local unit has worried the business community which wants stability in the exchange rate.
Daroo Khan Achakzai said that the trade deficit, which was at the heart of external sector problems that are driving the country towards another IMF programme, would only be addressed if competitiveness of the export sector was addressed.
He noted that the rupee was held artificially at one level and not allowed to find its true value during the last five years resulted in mounting pressure on the local unit.
Delay in reforming power sector and selling public sector entities has resulted in a colossal deficit which should be tackled, he added.
He said that the forex reserves situation is far from satisfactory therefore urgent steps should be taken to improve the situation.