ISLAMABAD: Chairman of Exchange Companies Association of Pakistan (ECA) Malik Bostan offered cash-strapped coalition government of providing $ one billion monthly for next two years.

Announcement from Malik Bostan comes as country’s economy battles challenges on foreign exchange front. Briefing Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwala, Bostan said that ECA was ready to provide $ 1 billion to Pakistan for two years as International Monetary Fund) was delaying $ 6 billion bailout programme by putting one after another condition.

He said that every month billions of dollars are being smuggled from Pakistan in form of official and unofficial trade and through borders, all of which are burdening Pakistan’s foreign exchange reserves.

Bostan further said, “There is need to give market free hand, lot of money is being wasted in cryptocurrency and foreign forex trade.” He urged coalition government of providing Hundi/Hawala license to exchange companies on pattern of Dubai and UK. Shehbaz Sharif-led government is taking desperate measures to get much-needed funds, but IMF is not looking satisfied with prior steps taken by incumbent government. In new condition, International Monetary Fund wants friendly countries to honor their commitments to fund cash-strapped Pakistan before multilateral lender signs off on $ 6.5 billion bailout program.

Published in The Daily National Courier, March, 30 2023

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