ISLAMABAD, Nov 15 (Online): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Monday said the government is setting new records of incompetence and mismanagement.
The slogan of change has resulted in an economic disaster which has dented it popularity beyond repaid, he said.
Shahid Rasheed Butt said that the masses are praying for some relief as price hike is being used as a weapon against masses and the new wave of sharp depreciation of rupee against the dollar and other currencies has exposed the economic policies of the government.
Dwindling production capacity, unreasonable increase in exports, rising deficit, increasing inflation, growing uncertainty and over-reliance on remittances have contributed to this situation, he said.
Has continued that the unabated increase in the deficit during the first quarter has touched the mark of 4.1% of the GDP, which is well above the central bank’s estimates.
Shahid Rasheed Butt said that matters with the IMF are not being finalized as foreign exchange reserves have shrunk by two billion in the last one month.
The steps taken by the SBP to keep the rupee stable have proved to be of no use, he said, adding that the announcement of a three billion loan from Saudi Arabia has not been implemented and even if this amount is given to Pakistan, its effects will be temporary.