NA body chief blames Dar, others for current economic crisis

KARACHI: Chairman of the National Assembly Standing Committee on Finance Qaiser Sheikh on Wednesday held federal finance minister, chairman of the Federal Board of Revenue (FBR), and governor of the State Bank of Pakistan (SBP) responsible for the ongoing economic crisis.

While addressing a meeting at the Karachi Chamber of Commerce and Industry (KCCI), he flayed the SBP for its involvement in “dollarisation” along with other banks.

“I have been chairman of the National Assembly Standing Committee on Finance for the past six months, but have not been able to meet (Finance Minister) Ishaq Dar so far,” he said.

He said that as a member of the National Assembly since 1997 he did not take salary, car, driver or any other facility, adding that other public representatives should also work on a voluntary basis during the current bad times.

Another MNA, Ramesh Kumar Vankwani, also said that since becoming the finance minister Ishaq Dar had not met members of the legislature’s standing committees. “It is not known whether Ishaq Dar meets the prime minister or not,” he said and urged the authority concerned to make SBP accountable for “this dollarisation”.

Former speaker of the National Assembly Fahmida Mirza said that there is a need for reforms in the parliamentary system. Replying to a question, she said “we act as a committee but the decisions are taken by the executive”.

She said that there is a problem of discontinuity in policies that has led to the current economic situation where no one can afford to pay even the utility bills.

The former speaker urged the authority concerned to take immediate action to stop the smuggling of wheat and dollars.

For her part, MNA Nafisa Shah said that the political structure cannot be held responsible for the ongoing economic crisis. The committee has received suggestions from both the FPCCI and the Karachi chamber and will forward it to the quarters concerned.

Earlier, the Businessmen Group (BMG) and the KCCI rejected the recommendation of the Oil and Gas Regulatory Authority (Ogra) to increase gas tariff by 67 percent and called for release of the containers stuck at the ports. A joint statement was issued by BMG Chairman Zubair Motiwala and KCCI President Tariq Yusuf and others.

They said the country has been going through very difficult financial and economic conditions and the demurrage charges on the containers had even surpassed the value of the goods in them.

Following the huge losses due to demurrage, detention and port charges, the business community is facing an uncertain situation. On the other hand, the foreign buyers of Pakistani textile products are inquiring about the shipments within the stipulated period.

Banks are not clearing LCs of even $1,500, they said. Exports, which had increased by 24 percent last year, are expected to go down by 9 to 10 percent this year.

Copyright Business Recorder, 2023