Business community calls for charter of economy to strengthen economy.

ISLAMABAD -- The Coordinator to Federal Tax Ombudsman and Chairman of Kyrgyzstan Trade House Meher Kashif Younis on Sunday stressed the urgent need for evolving a charter of the economy, a charter of democracy and enforcing them effectively studded with a jewel of good governance.

Speaking at a seminar on the ' Charter of Economy' organised under the aegis of Gold Ring Economic Forum, a strategic think tank, he said initiatives such as diversifying sources of raising domestic finances for investment in the prioritised productive sector and encouraging capital spending on the energy sector to eliminate foreign crutches will take a bit longer. However, these steps will not be enough for the turnaround of the economy and sustained and inclusive growth, he added.

He said that faced with an acute shortage of dollars and spiralling inflation, anecdotal evidence suggests that the market is beginning to adjust to changing ground realities.

For example, he said, one can see a marked shift in investment from the greenback to gold. He said it was reported that $6.5 billion worth of gold (up by 34 pc to 13 tonnes in quantity) was purchased mainly by investors in the first quarter of the current fiscal year which was sold by middle-income groups selling their...