ISLAMABAD, Country’s economy is facing serious challenges, which are needed to be addressed for attaining macroeconomic sustainability and maintaining fiscal balance.
The factors that need immediate attention of the new Prime Minister and his team includes energy crisis, decline in the rupee value, rampant corruption, high inflation, high interest rates and falling exports, Asad Farid, Acting President, Islamabad Chamber of Commerce and Industry (ICCI) made these remarks while commenting upon the current change in the political setup, says a press release issued here on Monday.
He said that for the past few years, among other problems, energy crisis has put severe dent on the economy, but unfortunately no serious attempt was made for generation of electricity to meet current and future demands, as a result, along with industries, general masses are suffering a great deal.
He said that business community desperately looks immediate remedial measures from the Government to save the country from further economic damage and urges the PM to announce a practical and workable economic agenda to steer the country on right track of economic development.
He expressed serious concern on the past performance of the Government, especially on newly-elected PM as he could not fulfill any promise. However, he hoped that sensing extreme deteriorating current economic situation, the PM and his team would take some concrete and positive measures, especially for electricity generation.
He was of the view that the current economic downturn was negatively impacting all sectors of our economy and industrial sector is facing serious problems due to energy crisis and increasing cost of production.
Energy acts as life line for any economy, but despite utilizing tremendous resources of electricity and gas and bringing into the system, our country leadership for the past many years relied on lip service but now leadership should wake up to avoid further damage to country, ICCI President emphasized.
He emphasized that PM should set priorities and must develop a comprehensive and immediate action plan for revival of economy and give relief to industries and general masses.