IWCCI lauds Prime Minister Nawaz Sharif for keeping exchange rate stable

Lahore: Samina Fazil, founder President, Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Sunday lauded Prime Minister Nawaz Sharif for taking a decision to keep exchange rate stable.

Exports are down but Government will soon overcome the problem by announcing a package to bail out the limping external sector, she said.

Samina Fazil said that devaluing currency would have been 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 will be an incentive for the masses and business community to prefer dollar over local currency which can initiate dollarization.

She said that 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 is not possible at that time as government is earning around Rs 145 billion under this head.