ISLAMABAD, August 29 (Online Int’l): The Federation of Pakistan Chambers of Commerce and Industry President Mian Anjum Nisar has stressed the need for serious structural reforms, with a keen focus on value-addition for sustainable economic growth, recommending the government to raise exports to double digit of the GDP till the end of its term, as Pakistan’s exports have bounced back after witnessing a decline in the last four months. The country’s exports have fetched $1.99 billion in July 2020, witnessing 5.8 percent growth in dollar terms.
Mian Anjum Nisar said that consistent borrowing by developing economies to shore up reserves in desperate times can only lead towards a debt trap. He said that borrowing from friendly countries should only be seen as a short-term solution to prevent reserves depletion and consequent further depreciation of the currency.
Mian Anjum Nisar stressed that focus should be on promoting exports and restricting imports alongside making the domestic industry more competitive and subsequently expanding its export market.
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