Job pro­mot­ers can save coun­try from de­fault: PBIF

The Pak Banker - - NATIONAL -

Pak­istan Busi­ness­men and In­tel­lec­tu­als Fo­rum (PBIF) on Tues­day asked the govern­ment to pa­tro­n­ise over­seas em­ploy­ment pro­mot­ers which are help­ing coun­try earn hefty for­eign ex­change and re­duce un­em­ploy­ment. Ex­pats are send­ing around nine­teen bil­lion dol­lars to Pak­istan which is a great ser­vice to the na­tion there­fore govern­ment should chalk out a strat­egy to safe­guard their in­ter­ests, it said.

This sec­tor has po­ten­tial to help turn our econ­omy around but it is ne­glected due to rea­sons best known to au­thor­i­ties, said Mian Zahid Hus­sain, Pres­i­dent Pak­istan Busi­ness­men and In­tel­lec­tu­als Fo­rum, All Karachi In­dus­trial Al­liance and First Vice Chair­man of the Busi­ness­men Panel. Talk­ing to a del­e­ga­tion of pro­mot­ers, he said that economies of oil pro­duc­ing coun­tries con­tinue to shrink due to lower oil prices re­sult­ing in bud­get deficit, un­em­ploy­ment and cur­rency de­val­u­a­tion.

In­come of some im­por­tant coun­tries has been re­duced by 70 per­cent while ex­penses on wars in Ye­men and Syria are run­ning into bil­lions of dol­lars which are be­ing in­creased.

This sit­u­a­tion can take toll on coun­tries de­pen­dent on re­mit­tances which in­clude Pak­istan whose ex­ports are al­most half of the im­ports. Ex­port sec­tor con­tinue to nose­dive de­spite many var­i­ous re­lax­ations due to in­com­pe­tent man­agers there­fore govern­ment should pro­mote over­seas em­ploy­ment sec­tor to re­duce un­em­ploy­ment and strengthen forex re­serves which are un­der threat.

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