President of Korangi Association of Trade and Industry (KATI) Salman Aslam, while expressing concern over the deteriorating situation in the country, said that due to political instability, the economic crisis is escalating to a dangerous level at a time when numerous challenges surround the economy. He said that due to the sharp rise in inflation and poverty, the common person’s life has become impossible, which has created fear of economic crisis.

President KATI said that relations with the world and friendly countries should be established on bilateral trade basis instead of aid. He said that the government was facing a difficult internal and external situation due to uncertainty.

Salman Aslam said that the country suffered irreparable losses due to political instability. There was a significant decline in domestic and foreign investment while the stock exchange declined steadily for the last several days. President KATI said that due to the record high price of the dollar, the debts of foreign and international financial institutions are also increasing at an alarming rate.

Salman Aslam said that to deal with the crises facing the country, the leadership of all political parties should take positive and immediate steps for economic stability in the national interest by prioritising the country’s survival through mutual consultation so that the economy of Pakistan be stabilised.

He further said that the government should take the right decisions regarding import substitution and economic stabilisation so that the country could move towards rapid development.