KARACHI: Korangi Association of Trade and Industry (KATI) on Wednesday expressed surprise over the mysterious silence of the present government regarding economic downfall.
“The business community has serious reservations about the present government’s mysterious silence and not taking any steps to manage the declining economy,” said KATI President Salman Aslam in a statement.
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Aslam also expressed concerns over the devalue of the dollar reaching the highest level in the history of the country, Fitch’s negative rating of Pakistan, the stock market crash and the economic crisis.
He said that the value of rupee was depreciating continuously, leaving the rupee free-floating in the market, which was causing severe losses to the economy.
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President KATI said that due to the stock market crash and the negative rating of Pakistan by Fitch, there is a lack of confidence among investors. Foreign investment has declined and industrialists are struggling.
President KATI said that the increasing political instability in the country is causing severe losses to Pakistan and in such a situation it is the responsibility of the government and the State Bank to intervene immediately to save the economy from disaster.
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President KATI expressed the fear that if the value of rupee continues to fall like this, then there will be a storm of inflation in the country.
He further said that due to the current situation, anarchy is spreading in the country due to which there is a fear of flight of capital. Pakistan’s image is also being badly affected at the international level, on which the government needs to take immediate steps.
