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December 7, 2018

‘Govt decisions troubling traders’


December 7, 2018

Islamabad: Islamabad Chamber of Small Traders (ICST) said the decisions of the government has confused masses and worried the troubled business community which is not good for the country.

The unprecedented appreciation of US dollar will not add to the popularity of the government while sinking rupee will damage the reputation of the party in power, it said.

Lack of clarity resulting in the stock market crash and other negative indicators may become a threat to the government which has failed to provide any relief to the masses, said ICST Patron Shahid Rasheed Butt.

He said that the government continues to bank on slogans claims and now it has decided to pledge national assets to tackle circular debt which indicates that it is following the policies of the former cabal.

Shahid Rasheed Butt said that masses have become increasingly restless while the business community is nervous as nobody knows who is taking important decisions and who is playing with the fragile economy.

It is yet to be known that who was behind the exchange rate volatility and who profited from it. The increased uncertainty has amplified flight of capital which has a paralyzing effect on the economy, he observed. The business leader said that four months deficit has jumped to seven percent, revenue shortfall is Rs133 billion, refunds are being blocked, the property market is down by eighty percent.

Automobile and tractor industry is on the verge of collapse, the sugar industry has started protests, import of economical LNG has been reduced to boost import costly furnace oil while taxpayers and investors are being harassed, he added.

Masses are being pushed to the wall, banks have cut leading drastically, interest rate hike has taken a toll on the industry while the manufacturing sector is set to show negative growth. The government should take masses into confidence about its economic agenda if it has one, he said, adding that the statement of PM regarding early general elections will add to instability.

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