Rupee should not be weakened more to please IMF


Islamabad: Business leader Malik Sohail Hussain on Thursday said the appreciation of dollar is hurting the entire population of the country and the rupee should not be weakened more to please IMF.
Exchange rate erosion is not only hurting the production but the whole economy and it must be stopped now, he said.
Malik Sohail who has also served as SVP of ICCI said that there should be a limit to bringing down the value of rupee against the US dollar.
ëíAll the imports including that of oil and gas costlier for which masses will pay the priceíí, he added.
He said that the flight of dollar will increase poverty and jack up the cost of all projects including the economic corridor.
The business leader said that energy is the largest import item and erosion in the exchange rate will boost its price which has been already increasing in the international market.
It will damage industrial and agricultural production and almost every citizen of the country, as the local currency is being compromised to please IMF and some sectors.
The export sector should not seek aid from the government but improve its competitiveness while government should not compromise the interests of masses to please influential.
He said that economic problems necessitate attention and reforms as obtaining loans from and devaluation currency will give temporary relief while masses will see the loss of their savings and the cost of debt servicing will increase by trillions of rupees.