LAHORE, Oct 25 (APP):Chief Executive Officer(CEO)of the Pakistan Furniture Council (PFC) Mian Kashif Ashfaq on Sunday said Pakistan needed a more reliable strategy to meet its foreign currency obligations,stressing that sustainable economic stability depended on stronger export earnings.
Chairing a meeting of the council’s board of directors here,he welcomed the government’s efforts to strengthen the external sector through diversified financing,higher foreign exchange reserves and improved access to international capital markets.
He said Pakistan’s access to international capital markets had expanded in recent months,as reflected in the Panda and Eurobond issues during the current year.
Diversifying creditors and financing channels could help reduce reliance on individual lenders,he added.
Mian Kashif Ashfaq said the government’s focus on export-led growth,IT exports and competitiveness was encouraging but sustained results were needed to strengthen the economy.
He said foreign exchange reserves provided a useful buffer, while fiscal discipline had helped restore confidence. However,debt repayments,energy imports and capital outflows could put pressure on reserves.
Similarly,primary budget surpluses did not include interest payments,which accounted for a substantial share of public revenue,he added.
He stressed that these measures needed to be complemented by stronger export earnings to ensure long-term economic stability.
He said textile exports should move towards higher-value products while information technology,agricultural processing and other export-oriented sectors required consistent support to enhance their contribution to the national economy.
He said the ultimate objective should be to build an economy capable of meeting a greater share of its foreign currency requirements through its own earnings.
Source: APP (Associated Press of Pakistan)
