Islamabad, November 13, 2016 (PPI-OT): Islamabad Chamber of Small Traders on Sunday expressed concern over the estimates that Pakistan’s external debt will swell to 110 billion dollars in four years while 22 billion dollars would be required to pay interest. Government should initiate serious reforms, provide incentives to export sector, and announce package for textile industry otherwise it will have no option but to return to IMF, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
Lauding the Prime Minister Nawaz Sharif for considering Rs200 billion package to revive and modernise the external sector, he said that the package should be announced soon. Shahid Rasheed butt said textile sector deserves extra attention as it is the largest foreign exchange earner and largest urban job providing sector that is considered as backbone of the economy.
Technological and infrastructural improvements have become imperative in the export sector to help it compete with regional competitors, he said, adding that the process of revival of ailing textile sector and other export industries should be initiated without delay.
Butt said that energy crisis, cost of energy, incoherent policies, regional competition, undue taxation and issue of refunds etc. have taken toll on this industry providing jobs to 3.5 million people. The veteran business leader said demanded of the authorities to finalise package without any delay to revive textile sector which was crumbling due to multiple reasons needing immediate government interference.
For more information, contact:
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad