Karachi, August 15, 2024 – Confidence-building measures could unlock $200 billion in foreign reserves for Pakistan, stated Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), at the 77th Independence Day ceremony of the Association.
Addressing the ceremony on Wednesday, ECAP chief Bostan emphasized that the nation does not face a shortage of foreign exchange; instead, it requires a boost in confidence. “Misconceptions are being spread through social media, creating unnecessary panic,” ECAP chairman remarked.
Bostan highlighted the critical role of the Pakistan Army in ensuring the nation’s safety and stability, drawing comparisons with countries like Iraq and Libya, where the absence of a strong military has led to severe consequences. “As long as the Pakistan Army exists, the country and all of us are safe,” he asserted.
The ECAP chairman underscored the commitment of exchange companies to the nation, declaring that these companies stand shoulder to shoulder with Pakistan and its armed forces. He expressed optimism that if confidence is restored, an estimated $200 billion belonging to Pakistanis living abroad could be brought into the country.
Bostan also revealed that exchange companies are currently providing the government with $400 million monthly and have proposed increasing this amount to $1 billion. However, he noted that the government has not yet granted permission for this increase. Since 1993, exchange companies have contributed $60 billion to the government, playing a pivotal role in stabilizing the economy.
Government measures to curb dollar smuggling have been successful, helping to maintain the currency’s value. Bostan dismissed concerns about Pakistan defaulting, citing the country’s rich natural resources as a safeguard against economic collapse.
He also voiced concerns about the migration of skilled workers abroad due to rising inflation and unemployment. With 45% of the population comprising youth, he stressed the importance of guiding them in the right direction.
Bostan criticized the government’s reliance on international loans for debt repayment rather than for the development of industry and trade. He also pointed out that the industrial sector is suffering due to issues related to Independent Power Producers (IPPs) and high electricity costs. He called for improved governance and a reduction in government expenses.
The ceremony also featured messages from prominent figures such as cricket star Shahid Afridi, who was unable to attend due to traffic congestion, and Asian Boxing Champion Shaheer Afridi, who shared his pride in representing Pakistan on the international stage. Cardiologist Dr. Malik Hameedullah condemned the negative propaganda being spread on social media, attributing it to foreign agendas aimed at destabilizing Pakistan.
