PBF satisfied with economic situation

In Business
April 14, 2024



MULTAN:

The Pakistan Business Forum (PBF) has expressed satisfaction over the current economic situation of the country.

In a media briefing after a meeting of the Executive Council of PBF, President PBF Khawaja Mehboobur Rahman, Chairman PBF South Punjab Malik Talat Sohail and Vice President Chaudhry Ahmad expressed that two years ago, there was a situation of uncertainty regarding the economy.

They said that anyone who had not studied the devastation of the Sri Lankan economy was also afraid of Sri Lanka’s default as a sign of fear, said a press release issued on Saturday. Such was the uncertainty of the currency that calls for a minimum dollar value of Rs350 and as high as Rs400 were common, they told.

“Now, at least, there is clear satisfaction that Pakistan is not in the dire situation of bankruptcy. The stability of the Pakistani currency is evident; its continuous high flight has stopped. Importer’s barrier to open LCs is over. Dollar is Rs278 in inter-bank. The stock exchange index is at an all-time high. The staff level negotiations with the International Monetary Fund (IMF) have already been successful and there is no obstacle for several months like in the recent past. Prime Minister Mian Shehbaz Sharif’s visit to Saudi Arabia Crown Prince Mohammed bin Salman reiterated his goodwill towards Pakistan and $5 billion investment in Pakistan, as well as encouraging prospects for investment from other friendly countries”.

PBF will play its role on government reforms at all levels for economic recovery and in the coming days, it will present its prepared economic policy, they expressed.

Published in The Express Tribune, April 14th, 2024.

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