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Unisame calls for declaring economic emergency

Unisame calls for declaring economic emergency

Unisame calls for declaring economic emergency

Unisame calls for declaring economic emergency

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  • The Union of Small and Medium Enterprises (Unisame) has urged the government to take serious economic measures immediately.
  • The Unisame council experts also empasised that the government needs to declare an emergency.
  • Pakistan is heavily dependent on imports while it has no money in the foreign exchange to pay for imports.
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KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the government to take serious economic measures immediately and not overlook the economic crisis, a statement said.

Unisame President Zulfikar Thaver said that the government has to declare an emergency sooner or later seeing the facts and figures. The government has no money to pay foreign bills of exchange yet it is incurring heavy expenses, he added.

The imports and exports are like warp and weft of the economic fabric but there is a need to select the most necessary imports and discard the unnecessary ones to make the industries run, Thaver remarked.

The Unisame council experts also empasised that the government needs to declare an emergency as the payment of one bill does not mean the government is sound.

The foreign debts are significantly high and the country has to keep borrowing to pay old debts which is drowning the economy.

Pakistan is heavily dependent on imports while it has no money in the foreign exchange to pay for imports, it was said.

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The Federal Board of Revenue (FBR) was boasting of good collection but the point to ponder is the ability of paying foreign debts and debt servicing. The default sword is always hanging and yet the government does not want to declare austerity and keep spending more than the earnings.

The Unisame council urged the government to begin rationing of fuel and take steps to curtail the import bills rather than curbing imports of raw material as it is adversely affecting the Small and Medium Enterprises (SME) units.

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