Islamabad, September 11, 2015 (PPI-OT): The Pakistan Economy Watch (PEW) on Friday lauded Prime Minister Nawaz Sharif for refusing to devalue currency to spur exports and keep interests of masses supreme over everything else. The decision indicates that interests of 200 million masses cannot be sacrificed over interests of businessmen for which government deserve all the praise, said Dr. Murtaza Mughal, President PEW.
In a statement issue here today, he said that exporters led by President FPCCI Mian Muhammad Idrees met with Prime Minister today. The delegation included TDAP Chief SM Muneer, his son SM Tanveer, his brother in law Gohar Ijaz who is also group chairman of APTMA and others.
They asked the PM to devalue currency by town percent to support exports which was refused by the Prime Minister. The exporters were attempting to rob masses of their hard earned money by devaluation which was declined, said Dr. Murtaza Mughal, President PEW.
He said that TDAP Chief SM Muneer has recently asked government devalue currency by ten percent and start printing currency which was a glaring example of incompetence. The TDAP chief advised the Senate Standing Committee on Commerce chaired by Senator Shibli Faraz that government should devalue currency and print currency which was against the national interests.
Exports have gone down because of the host of reasons including performance of TDAP for which masses cannot be punished. Deficit should be financed by increasing tax base and not printing currency which will sink country into inflation. Dr. Murtaza Mughal said that government should ignore the proposal of TDAP chief and exporters and reduce cost of doing business, revisit energy tariff, rationalise taxes, and pay of refunds.
Devaluing rupees will make imports costly which are double than the exports, it will increase size of foreign debt and interest being paid on loans. Moreover, devaluation will trigger inflation, increase price of fossil fuel, edible oil machinery etc. which will hut every citizen of the country.
So far that fall of rupee has increased foreign debt by 248 billion rupees and it will go up by almost one trillion if rupee is allowed to slide to Rs 115.5o against US dollar as proposed by Mr. Muneer. Interests of whole nation cannot be compromised for the benefit of some.
For more information, contact:
Dr. Murtaza Mughal
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad