ISLAMABAD: Pakistani imports are more than double of the exports, therefore, devaluation of local currency is not advisable as it will hit almost all the sectors and the entire population of the country, a business leader said Thursday.
The country is importing sixty-five percent of the inputs used in the GDP while thirty-five percent of the loans are in the dollar terms, therefore, devaluation could prove disastrous, said Atif Ikram Sheikh former president of the ICCI.
He said that an eroded rupee will make imports costly, it will jack up the cost of all the ongoing projects while it will hurt almost every person living in this country.
Atif Ikram Sheikh said that government should try to avoid another loan from IMF as it will choke the economy which has started performing well.
He called for encouraging remittances through bonus and lucky draws so that more and more expatriates take interest in sending money through legal channels adding smuggling of the dollar should be discouraged through strict administrative measures to boost the economy.