KARACHI: The business community has said that the recent pledges for the restoration of the flood victims will not resolve the economic crisis in the country, a statement said on Saturday.

The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) has said the multilateral donors and friendly countries’ huge aid pledges might not bring any significant influence on the struggling economy, as the sustainable solution to Pakistan’s economic issues lies in the structural reforms and consistent policies.

FPCCI former president and BMP Chairman Mian Anjum Nisar said that it is high time that the government should start thinking about debt rearrangement, including foreign and domestic.

The verdict to take more loans will keep confusing the problems in the long term, as the government needs $23 billion in foreign debt repayments for this fiscal year, which is the direct result of such decisions of taking loans from foreign nations.

For Nisar, the country’s economy is plunging into an ever-deepening ravine with plummeting foreign exchange reserves, with the continuation of the flawed policy of keeping the interbank dollar rate artificially low that is increasingly being attributed to the government rather than the State Bank of Pakistan (SBP) irrespective of the autonomy granted to it.