Pakistan, Jan. 17 -- Renowned economist, former Advisor to Sindh Chief Minister Dr. Bengali has underlined the need to slash imports including banning furnace oil imports and shift the power generation on indigenous sources like hydel, coal, wind and solar.

Addressing a press conference at Karachi Press Club (KPC) on Wednesday, Dr. Bengali said exports be increased by setting up industries. Currently industries are not being set up and only service sector is flourishing, which is repatriating foreign exchange to their own countries.

"Technically, Pakistan is already in default; given that there emerges a net negative balance, if the foreign loans that Pakistan owes to foreign interests are deducted from the foreign exchange reserves," h...