SCCI shows concerns over persistent economic slowdown, instability in dollar rates despite govt-IMF agreement

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) acting president Ijaz Khan Afridi has expressed grave concern over the persistent economic slowdown and instability in dollar rates despite striking staff level agreement between Government of Pakistan and IMF.

In spite of the government-IMF pact, the dollar rate value against Pakistani rupee is increasing on a daily basis, which is highly worrisome, according to a statement here on Thursday, quoting Mr Afridii, he said.

The SCCI’s acting president said the business community were pinned high hopes about   economic improvement and stability in dollar rates after striking a staff level agreement between the government of Pakistan and IMF, however there was no economic improvement and stability in dollar rates.

Afridi was of the view that rumours and dreads of the country’s economic default had also died instantly after the government-IMF agreement, but the economic situation isn’t leading to improvement, which was highly alarming.

Following the government-IMF agreement, he said there was no justification of appreciation of USD against PKR and persisting economic disorder.

He added most importantly that the government is not confronting any hurdles or difficulties from financial lenders and international donors. 

The SCCI’s acting chief emphasized stability in exchange rates is essential for flourishing trade and commercial activities in the country.

Afridi urged the government to take pragmatic steps to bring economic stability so that businessmen would be in a better position to craft a vibrant plan for business, trade and industrial growth and development, he added.

Similarly, he asked the government to take measures to bring stability in dollar rates besides ensuring its availability at every level so the economic and commercial activities will foster and the country could put on a path of sustainable progress and economic prosperity.

The chamber’s acting chief also stressed the need for proactive steps to resolve issues of small traders, importers and exporters issues at the earliest.