On Tuesday, former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt said the country’s ruined currency is recovering slowly, which is encouraging. If the IMF loan is received, the recovery of the rupee will be accelerated, while if the loan is not received, the recovery process will come to a halt, and its value may fall further, he said.

Shahid Rasheed Butt said in a statement issued today that one dollar was being traded at 288.43 rupees on April 11, but now it is available for 283.84 rupees. He said that foreign exchange reserves have also increased to more than four and a half billion dollars, which is good for the economy.

The business leader said that Saudi Arabia and Iran would reopen embassies in each other’s countries after seven years, which is a great achievement for China.

This development has reduced American influence in the region; it will balance the situation in the region, increase trade, and cut the military budget.

It is expected that due to the improvement of relations between Saudi Arabia and Iran, Syria and Yemen will see some stability and the political situation in many other countries will improve, he said.

China is also pushing for a ceasefire between Russia and Ukraine. Beijing should also consider mediation between Pakistan and India so that the two countries can become friends instead of enemies.

This will end hostilities and improve the living standards of more than one and a half billion people. It will be a difficult task for China, but not impossible.

Shahid Rasheed Butt said that Pakistan has always been in need of political and economic support from America. At the same time, India is also very close to the US, and both countries are on the same page to counter China’s influence.

He said it is in China’s interest to help establish better relations between Pakistan and India for development, elimination of terrorism and smooth sailing of CPEC.