Institutional economic reform credit goes to Army Chief: RCCI

Author: APP

The credit of Pakistan’s economic recovery, institutional economic reforms has steered the country out of economic uncertainty, and the establishment of Special Investment Facilitation Council (SIFC) goes to the Chief of Army Chief (COAS).

Rawalpindi Chamber of Commerce and Industry (RCCI) President Saqib Rafiq in a statement said that meetings and consultations with the industrial community and elimination of gray zones, especially the illegal trade and smuggling of dollars, were important steps towards the end of economic uncertainty.

He said that mobilizing all resources through SIFC, ensuring transparency in dollar rates in open and inter-bank markets, besides bringing money exchanges under the purview of taxation, eliminating smuggling at the borders with Iran and Afghanistan and improving tax collection were the visible results of guidance and directions placed by COAS.

Within one month we have seen visible improvement in economic indicators, Pak Rupee appreciated from Rs 330 against the US dollar to Rs 276, a significant drop in POL prices and Stock Market has crossed the 50,000 points aqib added. He said that by giving priority to geo-economics instead of geo-politics, Pakistan will emerge as an economic force. The business community had always demanded to ensure continuous consultation with stakeholders, implement reforms in FBR to document the economy, make privatization process transparent and reduce government spending. Saqib Rafiq further added that only by promoting the local industry, the way for foreign investment could be paved.