Prevailing Political Uncertainty, Tension Brings Country Close To Bankruptcy: Irfan Iqbal Shaikh

Umer Jamshaid Published May 25, 2022 | 11:13 PM

The President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh has expressed concern that the prevailing political uncertainty and tension was bringing the country close to bankruptcy

HYDERABAD, (UrduPoint / Pakistan Point News - 25th May, 2022 ) :The President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh has expressed concern that the prevailing political uncertainty and tension was bringing the country close to bankruptcy.

Addressing the industrialists and traders of Kotri SITE area in Jamshoro district on Wednesday he warned that such an economic free fall would increase crimes across the country.

"The government will have to take difficult decisions to prevent the country from sliding into such a situation," he said.

He claimed that the government had $10.5 billion foreign exchange reserves which were only sufficient for 2 months.

However, he said $3 billion had to be repaid to Saudi Arabia, $2 billion to UAE and $2.4 billion to China which would leave only $3.1 billion in the government's hands.

"The country needs a strong government for 10 to 15 years to put Pakistan on the path of development through consistent policies," Sheikh suggested.

He believed that a coalition government was inherently weak.

He gave the example of Turkish President Recep Tayep Erdogan whose long ongoing stint in power had led to development and prosperity in Turkey.

The FPCCI said if the industrial sector was not incentivized, the sector would remain in shambles.

He warned that smuggling of items was becoming an incurable illness for the country.

Mian Tauqeer Tariq of Jamshoro Chamber of Commerce and Industry pointed out that the Super Highway was widened from 4-lane to 6-lane road and its status was changed to the motorway.

However, he observed that mere the change of status in words had not eased the flow of traffic, adding that the difficulties still existed for the supplies of industries which were being transported through the motorway.