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Pakistan may default if the forex were not built up – Muneer

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by April 22, 2013 General

Karachi, April 22, 2013 (PPI-OT): The worsening situation of economy has even become alarming as foreign exchange reserves are fast depleting and gone to the lowest level of $6 billion, this was stated by leader of the business community and Patron In-Chief Korangi Association of Trade and Industry (KATI), S M Muneer.

Addressing a dinner reception hosted by Shujaat Ali Beg and Khushbakht Shujaat in honour of caretaker Minister Mian Zahid Hussain and others at a local hotel, Muneer said that even IMF has refused to grant any further loan to the negotiating team of Pakistan and instead pressurized to increase power rates and impose mote taxes on tax payers.

He said the entire nation is suffering and if we did not build up forex reserves the country would go bankrupt. He pointed out that despite the severe energy crisis and gas shortage and outgoing government has awarded as many as 1480 licenses of CNG stations and while the former Prime Minister Raja Pervez Ashraf has granted 200 more licenses of CNG stations just before leaving his office.

He said termed it a height of pathetic attitude and opportunism by the outgoing regime. Minister of IT, Mian Zahid Hussain said that his government is taking up all the important and urgent issues to be addressed and he will do for whatever could be possible in such a short time.

He said that besides holding the free and fair elections in the province his government is making efforts to resolve issues of immediate nature. He said that banning businessmen from carrying arms for their security is unjustified and he already talked to the Chief Minister on this issue who has ordered to exempt businessmen from this ban.

Senator Abdul Haseeb Khan said that the national exchequer has been dried up dangerously and there is no other way out except to hold elections and run the government. He said that people of Pakistan have paid a very heavy price for the so-called democracy during last five years.

He said that such democracy has halved the “roti” of poor man. He mentioned that during these five years over an amount of Rs8000 billion have been usurped in the name of development while there was no development done at all as no new bridges, roads and dams have been built.

He said that it was a calculated move to bring this country to this stage. He mentioned that USA is only permitting us to beg from IMF and not letting us to dig up our own resources buried in abundance. Former federal minister Babar Ghauri, Adil Siddqui, Mustafa Kamal, Khushbakht Shujaat and Shujaat Ali Beg also spoke on the occasion.

For more information, contact:
Abdul Wahab
Press Secretary KATI
Korangi Association of Trade and Industry (KATI)
ST-4/2, Sector 23, Korangi Industrial Area,
Karachi 74900
Tel: +9221 3506 1211 -2
Cell: +92346 2012346
Fax: +9221 3506 1215


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