Published On: Tue, Dec 10th, 2019
Published in Category: Lahore

PIAF calls for improving economic indicators

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LAHORE: Pakistan Industrial and Traders Association Front has welcomed Pakistan’s outlook upgradation to Stable from Negative by Moody’s, calling for improving economic indicators so that the local investors along with the world’s leading financial institutions could also give Pakistan their vote of confidence, who are presently facing serious stagnation and high cost of production.

“Its good news for the country that Moody’s rating for Pakistan has moved from negative to stable, showing the world that the reforms brought about by Pakistan in its economy are being appreciated by the world’s leading financial institutions,” observed PIAF Chairman Mian Nauman Kabir.” He said that an unprecedented $1 billion portfolio investment had been made, as Pakistan’s exchange rate is now being viewed as stable and people foresee a good return on their investment. Counting other positive aspects, he said that Foreign Direct Investment has witnessed a 236 percent increase compared to last year and in October this investment was $650 million.

Nauman Kabir also said that it is appreciable that the country has experienced a 16 percent increase in tax revenues over the past five months and government expenditures should also be tightly controlled, he warned. He demanded that no supplementary grant should be given and neither is someone allowed any needless expenditures so that Pakistan’s primary balance could be in the surplus, he suggested.