KARACHI: United Business Group (UBG) has said that the business community demands that, in order to meet the IMF conditions, measures must be taken, including the withdrawal of free petrol, electricity, and gas provided to ministers, members of the Senate, members of the provincial and national assemblies, bureaucrats, and other influential persons.
This move would be a step towards promoting fairness and equity during these challenging times.
UBG leaders reaffirm their commitment to advocate for the welfare of the business community and the country’s economic stability.
They call upon the government to reconsider these price hikes and work collaboratively to find sustainable solutions that benefit all citizens and industries alike.
They strongly opposed the government’s recent exorbitant increase in petroleum prices by Rs 20 per litre, which has led to the recent hike in electricity rates on the condition of the IMF.
After the hike, another blow has been dealt to the industries. UBG President Zubair Tufail, Secretary General Zafar Bakhtauri and other leaders Mazhar Ali Nasir, Khalid Tawab, Hanif Gohar, Gulzar Feroze, Ahmed Chinoy, Malik Khuda Bakhsh, Sheikh Umar Rehan said in their response to the increase in the prices of petroleum products that in the already difficult economic environment. Life has come to a halt under these circumstances.
In an already challenging economic environment, this increase in petroleum prices is a grave concern for the business community, as industrial production has already been reduced to 50 percent due to the high power tariffs.
The mounting concerns among the business community have raised apprehensions about the adverse impact on the economy, particularly on the poor masses, and the potential reduction in exports, leading to the closure of industries and a rise in unemployment.
UBG a further lamented that the economy is shrinking and export has fallen for 11 month in a row by 12.71 pc to US $ 27.54 billion from 31.78 billion in 2022 missing the US $ 32 billion target by a wide margin of US $ 4.46 billion.
Copyright Business Recorder, 2023