ISLAMABAD  - Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Friday expressed concern over falling exports which led country to devalue currency. Terming it highly detrimental to the future of the country which has started its journey to the development, he called for immediate intervention of SBP to stop freefall of rupee.

Shahid Rasheed Butt said that immediate steps should be taken to contain falling foreign trade lest it compromise all the steps taken by the incumbent government to revive economy. He said that all sectors of the economy continue to show positive indicators except for exports, the main foreign exchange earner, which can leave Pakistan bankrupt.

The country lost Rs 184 billion in rice exports only while the other sectors have demonstrated dismal performance as export sector remain unaware of the international market and latest trends. Sixty percent of the exports from Pakistan remain confined to ten countries which reflects badly on the performance of those entrusted to boost national exports, he noted.

The exports of manufactured products are down from 78 percent to 60 percent, exports of merchandise are down by 10.68 percent while import bill is swelled by two percent which is unacceptable.

Meanwhile, the Pakistan Economy Watch (PEW) on Friday said country’s dismal performance on the World Banks’s Ease of Doing Business report is result of unabated exploitation of the business community. While business community faces wrath of authorities, cartels and mafias are being patronised which is making country less attractive for investment, it said.

World Bank rank economies on their ease of doing business, from 1–189. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a business, said Dr. Murtaza Mughal, President PEW.

The report shows that establishing and nourishing a business in Pakistan is extremely difficult which is become more problematic by the passage of time, he added. He said that according to the report, Pakistan has slipped two notches in the report from 136th to 138th position while India has jumped ten steps which is more than what developed economies have experienced.

The ranking which speaks of positive Indian policies will have an impact on the investment climate around the world and in Saarc region.

The situation in Pakistan is result of inefficiency, corruption, red tape and absence of proper accountability mechanism which give a great incentive to government officials to milk the business community.