President of United Business Group (UBG) and former president of FPCCI, Zubair F. Tufail has welcomed the surplus of $654 million in the current account in the third month of this year, March 2023. Zubair Tufail said. The current account surplus can be estimated that the government’s measures to reduce imports have started yielding positive results. President UBG said that the government’s policy of reducing imports has also been successful, which is why the current account has become a surplus.

According to the central spokesperson of the United Business Group, Gulzar Feroze, Zubair Tufail said that although exports have also decreased due to the ban on imports and non-issuance of LCs, if the government continues to import raw materials, the decrease in exports will be reduced. It can be fulfilled. Zubair Tufail further said that after the government’s removal of the recent regulatory duty ban, manufactured goods would be imported into the country, which will pose serious threats to the local market and exports, and foreign exchange will also shift abroad.

Zubair Tufail said that The government should immediately ban the import of non-essential items, finished products and locally produced items. He said the government should encourage local industry and not ask for an LC margin on importing raw materials. He also said that there are no orders from the State Bank to pay the amount due to LC margin on the import of raw materials, so the government should continue uninterrupted supply by ending the LC margin on the import of raw materials and machinery used in exports.

President UBG Zubair Tufail expressed the expectation that if the government takes steps to promote the import and export of non-essential items, not only the economic crisis can be controlled, but also the pressure on the foreign exchange can be reduced.