Islamabad, November 11, 2016 (PPI-OT): Islamabad Chamber of Small Traders on Friday expressed concern over falling remittances terming it very damaging for the economy.
Government should find new markets for labour and take necessary steps to boost remittances which are necessary to offset the impact of import bill, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
He said that government should take concrete steps to boost remittances which are lifeline of economy which is facing dwindling exports, reduced investment and multiple growth challenges.
Shahid Rasheed Butt said that remittances fell by 3.8 percent in the first four months of the current fiscal as compare to the last fiscal year while it can go down further as the new American President Donald Trump start implementing his policies.
Many Pakistanis can opt to leave America to come back to Pakistan or settle elsewhere which will have a negative impact on the remittances, he said.
He said that more than six million Pakistanis are working abroad sending over 19 billion dollars yearly which helps government keep trade gap in limits as we consume more than what we produce.
He said that remittances were growing by 15 percent per annum since six years but latest figures indicate a fall which is enough to raise concerns about stability of economy.
The trade leader asked government to improve functions of departments dealing with export of manpower and those responsible for the welfare of expatriates as complaints are pouring in regarding apathy from different quarters.
Law enforcing agencies should be able to distinguish employment promoters from human smugglers and should not harass those who are responsible to get foreign exchange for the country and reduce unemployment, he demanded.
He noted that growth in remittances has always been remained more than growth in the exports despite best efforts of the government and private sector to boost the later, he observed.
He also demanded of the government to establish training institutes as country is failing to fulfil the demand of skilled labour at home and overseas otherwise the issue of economic stability will resurface soon.
For more information, contact:
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad