Conflicting policies holding economy hostage: Businessman Panel

Islamabad, August 18, 2015 (PPI-OT):Businessman Panel of the FPCCI on Tuesday said lack of coordination and conflicting policies of different important institutions has been creating friction and hurting economy compromising growth. Lack of coordination between Finance and Foreign Ministries has almost deprived Pakistan of becoming a director in the Asia Infrastructure Development Bank of which India is the second largest shareholder, it said.

Urgent steps are needed to grab the position otherwise Pakistan will become silent spectator in the bank which is to help Asia end dependence on IMF, said central leader of the Businessman Panel and former vice president FPCCI Khurram Sayeed. In a statement issued here today, he said that it is painful to see that some policies of SBP and FRB are yet to match. SBP’s recently released Vision 2020 envision to bring 50 percent of the population in the banking system while the FBR’s efforts to tax bank transactions are reducing the customer of banks which presently stands at 11 percent of the population.

Government is not reforming export sector but burdening masses to increase it income while it has done nothing to promote Islamic Finance. The government continue to violate limit of getting loans from central bank, fails to return loans in time and ignore key recommendations which is frustrating, he added.

Khurram Sayeed said that General Raheel has ensured peace in Khyber Pakhtunkhwa, FATA, Balochistan and Karachi with the help of sacrifices by the army which has improved sentiments but nothing has been done to settle energy crisis of improve export sector which is bringing down whole economy. Lack of conformity among key departments and ministries will result in failure of all strategies and visions, he warned.

For more information, contact:
Khurram Sayeed
Central Leader Businessman Panel of FPCCI
Former Vice President FPCCI
Cell: +92-314-6888888