Government urged to declare austerity in letter and spirit The Financial Daily 07/12/2022

The Union of Small and Medium Enterprises (UNISAME) urged the government not to neglect and overlook the economic crisis and not live in a fool’s paradise and take serious economic measures immediately.
President UNISAME Zulfikar Thaver said they have to declare emergency sooner or later. Austerity is the order of the day. You see the facts and figures. They have no money to pay foreign bills of exchange. Yet they are incurring heavy expenses .
Unisame Council experts are afraid and said the prodigal are in a dream world. They emphasized that better late than never they need to declare emergency. If they paid one bill it does not mean they are sound. The debt servicing is killing. The foreign debts are too much and we have to keep borrowing to pay old debts and this goes on but it is drowning our economy.
They said we are heavily dependent on imports and we have no money in foreign exchange to pay for imports. If the policy makers speak to the SME units they will hear their stories.
The FBR was boasting of good collection but what matters is the ability to pay foreign debts and debt servicing. The default sword is always hanging on our heads and yet we do not want to declare austerity and keep spending more than our earnings.
UNISAME Council has urged the government to begin rationing of fuel consumption and take steps to curtail import bills drastically rather than curbing imports of raw material as it is adversely affecting the SME units.
Thaver said imports and exports are like warp and weft of the economic fabric but you have to select the most necessary and discard the unnecessary imports to make the industries run.

Posted in: Press Releases