Discuss the methods for reducing foreign exchange expenditure when trying to overcome a balance of payment deficit.
- Adaptation to import substitutes to reduce import loss of foreign exchange
- Trade restrictions to reduce dumping
- Reduce corruption and swindling of government revenues
- Devaluation policy to promote consumption of local products as the imports become expensive
- Manpower planning to reduce expenditure on expatriates
- Barter trade arrangement to minimize use of foreign exchange in international trade
- Substituting foreign trips with teleconferencing.
- Debt rescheduling
- Restriction on profit and income repatriation
- Increasing government efficiency causing reduction in extravagant expenditures on foreign expensive goods.
CATEGORIES Economics
TAGS Dr. Bbosa Science
