KARACHI: Korangi Association of Trade and Industry (KATI) has demanded the government to immediately impose ban on unnecessary imports to prevent the economy from collapse.
Acting President of KATI Farrukh Qandhari in a statement issued Monday expressed concern over the current account deficit reaching a record high of over $13 billion dollars in the first nine months of the financial year 2022. During the same period last year, the deficit was $275 million, which increased hundred times in one year, bringing the economy to the brink of collapse.
He said that the current account deficit was $1 billion in March alone, up from $369 million compared last year.
KATI acting president said that in such a scenario, saving the economy is a huge challenge for any government and it is impossible to move the economy in the right direction without taking historic or revolutionary steps.
Farrukh Qandhari demanded: “The government should ban unnecessary imports and provide incentives to increase exports.”
He said that the current account deficit could not be eliminated without increasing revenue.
Acting President KATI said that it was difficult to increase the demand for Pakistani products in the global market without increasing industrialization and reducing production costs. He said that Pakistanis living abroad are playing an important role in managing the national economy but there are still many problems.
Farrukh Qandhari said that in view of the current situation, we are facing a flight of investment from the country, which is making the situation more worrying. He further said that only the development of industry in the country can take Pakistan out of its economic woes.
Farrukh Qandhari hoped that the new government would take care of the situation and make decisions that would not lead to further borrowing to cover the deficit. He further said that instead of the country and the nation being indebted, decisions should be taken which would be popular among the people and industrialists and will stabilize the economy.