KARACHI: Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has noted the SBP has imposed some restrictions over the sale and purchase of dollar which will reduce its demand as well as the capital flight.
Mian Zahid Hussain said that gas prices are at a record high in the international market, oil prices are at the 2014 level and inflation is increasing which is slowing down economic activities.
Inflation is very high in Pakistan as compared to the majority of the countries therefore it was not possible to further increase the price of petroleum products. Inflation continues to increase, but wages are stagnant, which is prompting the masses to change their opinion about the government, he said.
Hussain further said that the global inflation average stands at four percent, inflation in India, Afghanistan, and Sri Lanka is also at four percent while it is 13 percent in Pakistan. He said that currency was devalued to boost exports which were boosted by 24 percent but it also made imports costly. Imports jumped by 58 percent to push up the trade deficit to US 28 billion dollars.
The IMF also delayed release of funds which resulted in an economic crisis and now the government had to borrow to repay loans.
Copyright Business Recorder, 2022
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