KARACHI: (HRNW) Pasban Democratic Party PDP Chairman Altaf Shakoor here Sunday said that to fight the ongoing economic crisis and lessen pressure on Pakistani rupee it is necessary to opt for external trade in non-dollar currencies whenever possible.
He said it is a fact that the US dollar is dominant in global trade but it is also possible that bilateral trade with Russia, China, Iran, Gulf states and many countries could be done in non-dollar currencies. He said Pakistan could hugely appreciate the value of Pakistani rupee if the trade with China is done Chinese Yuan. He said similar practice could be adopted in trade with central Asian republics, Russia, Iran, Gulf states and other countries where possible. He said we should not put all our eggs in dollar basket but also promote bilateral trade in other currencies also.
Altaf Shakoor said that dollar-trade dominance and killer debt trap have destroyed our economy and made us a slave of global capitalist system led by the USA. He said the international lending institutions are only interested in sucking the blood of the poor countries like Pakistan. They have nothing to do for our welfare or progress or wellbeing of our poor masses. They have their own axe to grind.
Quoting the UN Security General Antonio Guterres at LDCs moot at Doha he said the rich countries are exploiting the poor nations cruelly. He said that the wealthy nations should provide $500 billion a year to help others “trapped in vicious cycles” that block efforts to boost economies and vital services.
He said the UNSG is right when he says that the poorest nations are being left behind in the “digital revolution”, and our global financial system is designed by wealthy countries, largely to their benefit. Deprived of liquidity, many poor countries are locked out of capital markets by predatory interest rates.
Altaf Shakoor said that no one would come for our rescue and we ourselves have to salvage our failing economy. He said the government is loud in announcements but too weak in implementation. He gave the example of failure of the government to implement its early market closure announcement. He said luxury goods are still being imported while they should be totally banned.
He said with opening border trade markets with Iran we could save billions through barter trade. He said free use of Chinese Yuan in international trade would also lessen pressure on the PKR a lot. He said we should take every effort to bypass the US dollar in our international trade wherever we can. He asked to speed up polarization program to cut oil imports and save precious foreign exchange. He asked the PDM government to implement its policies strictly to save our economy and the whole nation would support it. He said when it is matter of saving economy no other consideration should be taken in mind.