Karachi, Mr. Irfan Iqbal Sheikh, President of FPCCI, acknowledged the significant role played by the Army Chief in mitigating economic instability in Pakistan. According to Sheikh, the Chief's timely interventions have successfully curtailed speculative dollar trading and halted its smuggling, steering the nation towards economic assurance.

Sheikh noted the substantial drop in the dollar value from 336 on 4th September to 276, emphasizing the detrimental effects of currency depreciation on an export-driven economy such as Pakistan's. He highlighted how a declining currency can exacerbate inflation, ramp up production costs, increase debt obligations, and curtail the budget for developmental activities.

The FPCCI head also credited the decline in global crude prices and the aforementioned interventions by the Army Chief for the government's ability to reduce petrol prices by PKR. 40 per litre and high-speed diesel by PKR. 15 per litre.

Highlighting another accomplishment, Sheikh commended the Army Chief's crackdown on smuggling, which has consequently enhanced the availability of essential goods and agricultural products. This, in turn, has led to a marked decrease in their domestic market prices.

Pointing to the appreciating rupee against the dollar over the past five weeks, Sheikh revealed a significant reduction in Pakistan's external debt by 4000 billion rupees. Expressing optimism on behalf of the entire business, industry, and trade sectors, he believes this to be the beginning of a positive shift in Pakistan's economic trajectory, aiming to halt the outflow of capital and expertise.

Sheikh also remarked on the recent engagements between the business community and the Army Chief, characterizing them as rejuvenating after years of economic unpredictability. Their comprehensive discussions in Karachi and Islamabad have bolstered the community's optimism and commitment to actively participate in the country's economic recuperation and stabilization.

Concluding his statement, Sheikh expressed confidence in the potential of securing $25 billion in investments within a year and $100 billion in the span of one to three years, given the robust economies of Pakistan's ally nations. This information was sourced from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).