Credit for institutional economic reforms, end of economic uncertainty goes to Army Chief, Saqib Rafiq

Rawalpindi:  The credit of Pakistan’s economic recovery, institutional economic reforms, steer the country out of economic uncertainty, and the establishment of Special Invest­ment Facilitation Council (SIFC) goes to the Army Chief.

Meetings and consultations with the industrial community and elimination of gray zones, especially the illegal trade and smuggling of dollars, are important steps towards the end of economic uncertainty, he said.

Mobilizing all resources through Special Invest­ment Facilitation Council (SIFC), ensuring transparency in dollar rates in open and interbank markets, besides bringing money exchanges under the purview of taxation, eliminating smuggling at the borders with Iran and Afghanistan and improving tax collection are the visible results of guidance and directions placed by COAS, he said.

Within one month we have seen visible improvement in economic indicators, Pak Rupee appreciated from Rs330 against the US dollar to Rs276, a significant drop in POL prices and Stock Market has crossed the 50,000 points.

He said that by giving priority to geo-economics instead of geo-politics, Pakistan will emerge as an economic force.

He said that the business community has always demanded to ensure continuous consultation with stakeholders, implement reforms in FBR to document the economy, make privatization process transparent and reduce government spending.

Chamber President Saqib Rafiq further added that only by promoting the local industry, the way for foreign investment can be paved.