LCCI to present economic policy framework to govt

Lahore: Lahore Chamber of Commerce and Industry on Friday started consultation to prepare economic policy framework to help government overcome  challenges in its way.

Chamber President Kashif Anwar met a team of economists, led by Ali Salman, Managing Trustee, Policy Research Institute of Market Economy on Friday and had a marathon discussion with them.

During course of discussion, it was decided that a document would be prepared for the government to guide it out economic mire. Ali Salman gave a detailed briefing to the President LCCI regarding economic situation and said that the government should bring down rate of taxes to increase revenue besides bring down ongoing expenditures.

LCCI President said that the current state of the economy requires more comprehensive solutions because the country is swiftly moving toward a scarcity of almost everything essential, as we are already witnessing shortages.

Due to continued repercussions from shocks like Covid-19 and the Ukraine war, Pakistan is one of the countries that are suffering the most. Pakistan's frail economy has suffered more than $30 billion in losses as a result of the floods' devastation.

All state stakeholders—political parties, entrepreneurs, and citizens—must come together at this time to prevent the crisis from getting out of control and should sign a charter of economy.

LCCI President Kashif Anwar said that the major issue of these shortages of supplies whether industrial or consumer items is caused because of the shortage of raw materials, shortage always triggers inflation. The current pace of inflation is too high for our economy to handle.

He said due to the non-opening of LCs, the containers with raw materials and machinery are stuck at ports and incurring rising detention costs.

Kashif said they were aware that the country was short on foreign currency, and international donors like the IMF programmes were running behind schedule.

He continued by saying that they must think creatively and ask their own citizens to support the economy. To do this, they must declare an amnesty, which would have a very positive impact.