Deal with IMF to stabilize economy: Chairman PEW

F.P. Report

ISLAMABAD: Chairman Pakistan Economy Watch (PEW) Brig (Retd) Muhammad Aslam Khan has said that a deal with International Monetary Fund (IMF) will stabilize our economy which is facing problems therefore it should not be delayed.

In a statement issued here on Thursday, Brig (Retd) Muhammad Aslam Khan welcomed increased remittances by 1.2 billion from July to March, expected reduction in trade deficit by six billion and access of 313 Pakistani products to the Chinese market which will boost exports to China above three billion dollars.

He said that immunity on receiving remittances from abroad should be lifted immediately as it is being misused by the business community and corrupt politicians.

The Chairman PEW said that such a decision will reduce corruption, cut flight of capital and expand the size of the documented economy.

He said that trade talks with some countries are in the final stage and hoped that the result of the efforts would be beneficial for the country.

Muhammad Aslam Khan said that the country is passing through hard times but the situation is not as bad as painted by some international institutions which want frustration and unrest among the masses.

He said that the government should take harsh action against the broker mafia of the stock exchange which has engineered recent crisis.

The PEW chairman said that its always the small investors who suffer in every crisis while the assets of the leading brokers multiply who deserve no mercy.

The names of ill famed brokers should be put on the ECL so that they could not leave the country like their peers, he demanded.

Aslam Khan said that last month exports dropped by 11.13 percent despite an export package and burdening masses with their gas bills which must be noticed.