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Rupee is showing signs of stability:Mian Shahid

Lahore: Business community is pinning high hopes on caretaker government and the Election Commission as their decisions are resulting in stability, a business leader said Tuesday.

Rupee is showing signs of stability against the dollar despite repayments to IMF which has not only amazed many analysts but also renewed hopes among business community, said Mian Shahid, CEO of the Saudi Pak Insurance Company.

He said that apart from the government and ECP, some steps of the central bank have discouraged speculations that have also contributed to the stability of rupee that was sliding since years.

Mian Shahid said that government should try to initiate dialogue with IMF to get loan rescheduled or get another Standby Credit Facility to ward off looming economic threat and pull out economy for distress to revive GDP growth.

Government should also explore other options to stabilise forex reserves as well as the economy as country is living without any IMF loan since May 2010, he said.

Mian Shahid who is also Chairman of the Apna Microfinance Bank said that Pakistan has successfully repaid twelve instalments to IMF which has calmed sentiments and restored confidence.

Lessening unproductive expenditure, removal of the unjust tax exemptions, improving tax collection, a proper property tax, tax on services, six per cent hike in development expenditure, settling circular debt and deficit are some steps that are urgently needed, he said.

He said that the former government’s decision to expedite work on Iran gas pipeline was its great achievement as our survival is linked to that project.

Pakistan should take all the decisions in its own interest rejecting pressure from countries that are compromising Pakistan’s development for their political gains, he remarked.

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