Korangi Association of Trade & Industry
(KATI) expressed concern over devaluation of Pakistani Rupee against US Dollar. In a joint statement Patron in Chief SM Muneer, President Danish Khan, Chairman & CEO KITE Zubair Chhaya, Senior Vice President Faraz-ur-Rehman and Vice President of the Association Maheen Salman expressed their concern over sharp devaluation of Pakistani Rupee.
The Patron in Chief of KATI SM Muneer said that common man will face worst consequences of this situation. He said that hike in commodities will add miseries to the life of common people.
President KATI Danish Khan noted that crushing stock market is a sign of instability and it should be recovered soon to win the confidence of investor. He said that in the first speech after election victory the PM Imran Khan vowed the measures to cut production cost of industry and cost of doing business. “Industry was waiting for relief” he reminded. President KATI said that due to increased prices of gas the challenge of production cost faced by industry become more severe and now government would be going to IMF for a bailout package, if energy prices would increase due to this, it would cause disastrous effects for the ailing industrial sector of the country. He urged the government to secure industries from the sheer consequences of policy changes in the line of IMF demands.