Meeting government's expenses: concerns expressed over excessive printing of currency notes

Former President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) S M Muneer has expressed concern over excessive printing of currency notes for meeting government expenses, saying that it is alarming trend, which would result in massive inflation.
Speaking at a dinner hosted by Yousuf Shaikh on Monday, Muneer quoted Governor State Bank of Pakistan as saying that the government has printed large number of currency notes to meet its expenses. He noted that he had met President Asif Ali Zardar thee time and advised him to take corrective measures for salvage of ill economy.
Muneer said the government approached IMF, which is insisting on imposition of new taxes and increase in electricity and gas tariffs without understanding the fact that how the poor people would manage to pay as they have already been squeezed. Munir advised the government not to impose the controversial Reform General Sales Tax (RGST).
He cautioned that the people and the business community were not in a position to pay any new taxes or further increase in utilities' tariff. He asked the to plug the revenue leakage and generate revenues from other sources to meet its expenses.
The newly elected President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Haji Ghulam Ali asked the government to give up its plan to impose RGST. He assured business community that he would leave no stone unturned in protecting their interests and resist imposition of RGST. He was of the view that the government has totally failed in solving business community's issues.
Earlier, President, Pakistan Businessmen and Intellectuals Forum (PBIF), and Chairman, FPCCI Standing Committee o Finance, Mian Zahid Husain in his welcome address said the economy was in shambles and banks' non-performing loans have reached to about Rs 500 billion. He asked the government to mend its ways and control its lavish spending otherwise the country may be heading towards default. Yousuf Shaikh and Vice President, FPCCI, Khalid Tawab also spoke on the occasion.