RECORDER REPORT

LAHORE: The leadership of the Businessmen Panel (BMP) and Pakistan Business Group (PBG) Alliance at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have expressed their concern over the current economic situation of the country.

BMP and PBG Alliance Chairman Mian Zahid Hussain, Pakistan Business Group Chairman Mehtabuddin Chawla, Businessmen Panel Chairman Sultan Chawla, Alliance presidential candidate Abdur Rahim Janoo, vice presidential candidate Mian Anjum Nisar, Zakaria Usman Chairman Sindh Region and PIAF chairman Irfan Iqbal Sheikh addressed the event.

They said the country has been facing acute shortage of foreign exchange because of diminishing inflows while remittances are also witnessing decline.

The foreign direct investment also fell by 45 percent while exports are also on the wane, they said, and added that the business community representatives at the FPCCI have become silent spectators and did nothing to redress the economic issues.

They said the ruling group of the FPCCI did not even highlight the issues of the business community before the prime minister during recent FPCCI export awards ceremony, despite the fact that the current account deficit has widened by 91 percent in the July-November period to $2.601 billion.

The trend could be alarming, particularly in the wake of increasing imports and falling exports, they added. The current account is the broadest measure of trade, covering not only the flow of goods and services but also investment flows. The current account deficit reflects Pakistan’s trade gap with the rest of the world.

Abdul Rahim Janoo said the FPCCI is an independent body to advise the government to improve the economic situation of the country while Mian Amjum Nisar also spoke on the occasion and criticised the sitting office-bearers.