On behalf of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), we would like to extend our heartiest gratitude to you for your appointment as the Prime Minister.
The business community is quite much optimistic that your able leadership will bring a required change in the governance and help revive the economy towards sustainable and inclusive economic growth.
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We are deeply concerned about the ongoing economic turmoil amid continuously depleting foreign reserves and tremendous inflationary pressure. The trade deficit reached US$ 35.5 billion whereas the import bill spiked to a daunting US$ 58.8 billion from July-March 2021-22.
In addition. higher interest rates tend to erode the fiscal capacity of the government by enhancing the cost of debt servicing.
To tackle the immediate and pressing economic challenges, the FPCCI proposes that the government declare a state of economic emergency and implement a set of proposed reforms pertaining to fiscal consolidation and the energy sector. foreign exchange reserves, and managing import bills – attached as Annexure-1.
We are sure that FPCCI’s input and the collective opinion of the business community will be given due consideration in decision-making.