Trade and industry warn of unsustainable financial burden

The export-oriented businesses of Pakistan are unlikely to sustain the burden of additional billions of rupees amid the withdrawal of subsidised electricity, restricted imports, all-time high-interest rates, and the rupee’s devaluation against the US dollar. President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh said the private sector in Pakistan is under enormous distress and its investments have dried up consistently. He said businessmen’s confidence in the government policies and its handling of the IMF programme has come to a standstill, adding that the businessmen have never witnessed such inconveniences in doing business in the history of Pakistan. He asked the government what steps would be taken after the resumption of the IMF programme to stabilise the economy and how and when the government would take the business community into confidence on these steps.