President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said that Moody’s in its recent report determined Pakistan’s external debt repayment as challenging for the Country given to the current situation including swelling current account and trade deficits. Though the financial packages attained from friendly countries like Saudi Arabia, UAE and China is a great achievement of the current government but the foreign reserves are still under pressure and not sufficient to meet two months’ imports bills.
The Veteran Business Leader while talking to the business community said that according to Moody’s Pakistan debt stock was 72 percent at the closing of FY 2018 which was higher the than the 58% median for B-rated sovereigns and expert to reach to 76 percent in coming years. Moody’s predicted on the basis of shrinking foreign reserves and swelling foreign debts that the foreign debts repayment will be challenging and the available reserves does not suffice the external debts in 2019. However, given to the improving power, infrastructure and security situation in the Country, growth prospects have been improved in addition to trader’s confidence. CPEC short and long run projects cooperative in betterment of trade, industry and economy of the Country and will drive Pakistan towards economic sustainability after completion.
Mian Zahid Hussain said that increase of 1500 points in KSE-100 index on the last day of previous week is appreciative and it is expected that trade opportunities will further flourish in the country. The current government seems sincere in making efforts for a better economy as the Finance Minister Asad Umar said in business community in Karachi that the Finance Bill is expected to float on January 23 which will provide ease of doing business, reduce cost of doing business and will draw positive impacts on stock exchange. Business community appreciate FM Asad Umar statement regarding reducing CoDB and measures for EoDB.
The Former Minister said that in order to turn the current economic situation towards betterment, government needs to ensure instant refunds of exporters and take long term measures in addition to offering incentives for the export sector. Business community hopes that the current government will take concrete and practical steps for the betterment and growth of trade, industry and economy according to its vision.