Karachi (08-05-2023) Former Vice President of FPCCI and Senior Business Leader Captain Abdul Rashid Abro said that during the current fiscal year, due to large-scale decrease in industrial production, millions of people lost their jobs in many sectors across the country . Expressing concern over the continuous increasein the inflation rate he said that due to the lack of new investment in the country and lack of new employment opportunities, there is a terrible flood of unemployment, including inflation, which the government has no preparation to deal with. IMF is ready to put the country in a new trap, on the other hand, our politicians are not ready to end their differences for the betterment of the country. Captain Abro said that in the current fiscal year March 2023, a 36% increase in the rate of inflation compared to last year 2022 has been seen and this is the highest level of inflation in last 51 years, according to the State Bank’s monetary policy on inflation.
Unable to control. Economy is facing serious problems due to continuous depreciation of the local currency against the US dollar, while the foreign exchange reserves are also decreasing and there are reports that the foreign exchange reserves are only enough to meet the import requirements of four weeks. which is a serious cause of concern specially for imports of oil. Captain Abro said that Pakistan’s economy suffered massive damage due to devastating floods in August last year and the government imposed new taxes worth Rs 170 billion. The loan program between Pakistan and the International Monetary Fund is still delayed, and there are reports that Pakistan is not on the agenda for the May 17 meeting of the IMF, as per schedule of IMF board meetings that has been released. IMF has asked Pakistan to further increase the policy rate, despite all the demands being met, the new federal budget will once again be the one dictated by IMFand will hurt poor and middle class of the country with new taxes. He said that Pakistan is under worst economic crisis in its history and in these difficult situations, our rulers and politicians have to sit at a table and take decisions in the best interest of the country.
