KARACHI: Sohail Nisar, Senior Vice Chairman, Pakistan Yarn Merchants Association (PYMA), has termed the recent increases in electricity rates as destructive for businesses and industries, has appealed to the Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy, Power and Petroleum Muhammad Ali to reduce the power tariff. Otherwise, it could lead to the shutdown of businesses and industries.
In an appeal, PYMA SVC stated that excessive costs have made it extremely challenging to do business and running the industries. “The huge increase in electricity rates, coupled with the heavy taxes, will cripple businesses and industries. Small & Medium Enterprises (SMEs) will be completely devastated, causing massive unemployment.”
He further stated that the role of SMEs is crucial for economic stability. Developed countries around the world take steps to support and promote SMEs, but unfortunately, in Pakistan, SMEs are being continuously ignored. If the SMEs are not given relief and not saved from destruction, it will have very negative effects on the national economy.
Sohail Nisar requested the caretaker government to engage with the International Monetary Fund (IMF) on more lenient terms for the sake of saving the economy from disaster. He also emphasized that concrete proposals for relaxation of conditions should be discussed, and public interests should be a priority when making future agreements.
Copyright Business Recorder, 2023
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