KARACHI: Deputy Chairman, Senate of Pakistan Saleem Mandviwalla, while commenting on unusual devaluation of Pakistani rupee against dollar, stated that this sudden devaluation was due to PML-N government’s move to inject around $7 billion to $8 billion of the government treasury into the market during its tenure in order to keep the rupee value stable.
Speaking at a meeting during his visit to Karachi Chamber, Mandviwalla added that such artificial measures were not good for local currency as these measures always backfire, which was evident from the recent spell of rupee devaluation. If this correction would have been market driven in the last five years, the situation would have been not that worst, which prevails now.”
Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli, Vice Chairman BMG & Former President Haroon Farooki, Acting President KCCI Abdul Basit Abdul Razzak, Former President AQ Khalil, Junaid Esmail Makda, Ghani Usman and KCCI Managing Committee members were also present on the occasion.
Saleem Mandviwalla appealed the business community of Karachi to contribute in the construction of dams as water is the biggest problem being faced by Pakistan, which would affect every citizen of the country, and the construction of dams is the only solution to this serious issue.
In response, Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli immediately pledged to donate Rs20 million for dam construction fund announced by the Honorable Chief Justice of Pakistan on behalf of 22,000 members of KCCI whereas chamber’s officers and staff will also donate one-day salary to the same account. “KCCI leadership shall present this cheque to the Chief Justice of Pakistan during his visit to Karachi Registry as per his convenience”, he added, and appealed the business and industrial community to contribute generously for this great national cause.
Saleem Mandviwalla appreciated KCCI’s goodwill gesture for building water reservoirs and urged other trade bodies and organizations in private sector to contribute generously to the Supreme Court of Pakistan’s fund.
Deputy Chairman Senate, who also had been Federal Finance Minister, advised the business community that through their chambers and trade associations, they should make maximum and timely use of Senate and National Assembly standing committees for resolution of issues related to trade and industry.
He also invited suggestions in writing from KCCI members to remove any anomaly or to bring improvement in the laws aimed at strengthening the country’s economy.
Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli, in his remarks, pointed out that during PML-N government, the then Finance Minister Ishaq Dar held only a single meeting with KCCI in 2013 when we, instead of hailing his presence, asked too many questions which were unacceptable to him so Ishaq Dar stayed away from the Chamber throughout his tenure as Finance Minister.
He said that the former government announced six budgets from 2013 to 2018 and all these budgets were widely criticized by Karachi Chamber only, except the last budget in which some corrections were done. “After three to four budgets of the previous government, other Chambers of the country were also of similar opinion as they too started criticizing the anti-business policies of the government. Consequently, an Action Committee of all Chambers was formed which was led by Vice Chairman BMG Haroon Farooki and joint communiques were issued against the anti-business policies and FBR’s discretionary powers by all Chambers of under KCCI’s umbrella”, he said, adding that if the entire business and industrial community of Pakistan would have supported Karachi Chamber since day one, Ishaq Dar would have never dared to go that far and refrained from announcing anti-business policies.
