ISLAMABAD: Pakistan Businessmen and Intellectuals Forum (PBIF) on Tuesday said Pakistan is losing EU market as exports are coming down by USD500 per month which is alarming.
Reduction in exports to the EU by six billion dollars in one year cannot be justified under any circumstances therefore corrective measures should be implemented forthwith, said PBIF President and former provincial minister Mian Zahid Hussain in a statement here.
He said devaluation in currency to spur exports is a flawed and outdated idea therefore export sector should invest in upgradation, capacity building and get information about changing trends while government should settle issues like loadshedding and refunds.
He said intended erosion in the exchange rate will only benefit Pakistani exports when other countries abstain from it which is highly unlikely. Moreover, It would increase debt burden, debt servicing and widen trade deficit which country cannot afford.
Mian Zahid said that rupee continue to shed 8 to 10 points per annum since long which is now being controlled which indicates farsightedness of PM Nawaz Sharif and Finance Minister Ishaq Dar.
Devaluating rupee by 150 paisa would add one trillion rupees to foreign debt, he said, adding that national interests cannot be sacrificed to please some exporters. He said China recently devalued currency by two percent which was followed by dozens of countries but to no avail.