The way out for the Pakistan
Mon, 10/27/2008 - 19:11 — fx

According to Abdul Ghaffar Chaudhry the acting president of Islamabad Chamber of Commerce and Industry the fact of the decreasing foreign exchange reserves led to new opportunities and the next actions of the government will surely get back the confidence of investors and other businessmen in the economy of the country.

He has also added that one of the solutions to contribute to the growth of the forex reserves of the country is to expand the list of the goods that are intended for the export. And the task the government faces at the moment is to extend the current list of 1200 export goods to the number of 5000 items.

Abdul Ghaffar Chaundry mentioned that there were several steps made by the government to improve macroeconomic situation recently but nevertheless it should propose a completed plan of the way out of the situation occurred. Due to his words the government of the country shouldn’t fully consider only foreign investors. The main challenge is to make self-developed plan of how to attract foreign and local investors the step that will surely contribute to the growth of the economy.

Furthermore the Acting President of the Islamabad Chamber of Commerce and Industry said that in case all Pakistani people living outside of the country will send certain remittances into the country it would contribute to the foreign exchange reserves growth. And such aid is a real responsibility and duty of each patriotic Pakistani expatriate. At least $350 per month from every Pakistani expatriate will provide sufficient growth to the foreign exchange reserves of the country. Thus he asked all Pakistani people living abroad to help their own country.

Finally the Acting President of the Islamabad Chamber of Commerce and Industry said that the government should also develop the culture of savings in the country and discourage the currently prevailing consumption culture. This will decrease imports and make the forex reserves grow easier
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