‘Economy still in grey’, Greenback rises to Rs 162

US dollar in open market is being traded even in very low quantity (not more than 200 bucks) at one time at Rs 162. Never in the economic history of Pakistan such a pressure is recorded. Economy is under grey scale and there are no indications by any indicator that it would go positive. The movement of currency market, pressure on balance of payment position, rising imbalance in foreign trade, unemployment, inflation in double digit are the indicators that could be referred to in the National Assembly budget debate and the government (treasury benches alongwiith allied parties) are struggling to make budget approved however the joint meeting between Bilawal and Marium for future line of action has also become a serious source of concern for PTI government. The Asian Development Bank’s Islamabad desk has not supported the statement twitted by Advisor Dr Hafeez Shaikh saying an assistance of USD 3.2 billion for budgetary support has been approved. The fact is that the Asian Bank has not yet finalised the package. It looks all confused spectrum. The stress by the PTI team is on tax revenue that too is a big source of concern for private sector. Lahore Chamber of Commerce and Industry has not accepted finance bill tax proposals whereas Karachi Chamber has also opposed income tax collection method and involvement of police in process. There are great anomalies that are causing concern among businessmen.

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