Karachi: Pakistan Business Forum (PBF) showed a displeasure on constantly hike in dollar price termed a mother of all evils. In two working days rupee further depreciated Rs 5.99 and it’s a matter of great concern where we are heading interims of economy. We should devise a Pakistan’s plan.
PBF President, Muhammad Usman Zulfiqar has said we have rejected the another huge hike in petroleum prices in the month of august by the government.
This abrupt decision made it hard further for the common man to bear it and questioned where is the relief from the Russian oil which was projected by the then petroleum minister before the media, Zulfiqar added.
PBF Vice President, Chaudhry Ahmad Jawad said that high cost of doing business has already proved to be dangerous for the trade and industry, as ever-increasing cost of production is the real threat to the economy amidst frequent upward revisions in policy rate and continuous fluctuations in rupee against dollar.
While strongly rejecting the significant jump in electricity prices and hike in gas tariffs to meet the IMF condition, has said that it will put additional burden of billions of rupee on consumers. Vice President of the PBF observed that it is unfortunate that the authorities in all governments continued to approve billions of rupees’ additional burden on consumers through a direct tariff increase and an indirect increase through the withdrawal of subsidies given to exporters and farmers earlier.
He said that the government liquidity and external vulnerability risks are elevated and there remain considerable risks around its ability to secure required financing to fully meet its needs for the next few years.
Jawad said that constant hike in power tariff has pushed the electricity prices higher and added to the already soaring cost of trade and industry. PBF asked the government to shut down all expensive oil-based power plants to ensure availability of cheaper energy for consumers. He condemned the government for shifting power distribution companies’ inefficiencies’ burden to the consumers by jacking up the tariff under the guise of Fuel Charges Adjustment.
Ahmad Jawad further told that no legislation was passed in the five-year National Assembly that was dissolved on August 9th for the welfare of the people and the business community.
The rupee fell by 163 against the dollar in the last assembly which is unprecedented in our 75 years of history. He urged that financial discipline is needed during the interim setup. Included free and fair elections are imperative for economic recovery in the country. It’s now and never.
