The United Business Group (UBG) leader, Ilyas Ahmad Bilour expressed concern over the recent increase in interest rate by 150 basis points (bps) to 12.25 percent for next two months by the State Bank of Pakistan in its currently announced monetary policy. In a press statement issued here on Thursday, UBG leader said that the increase in interest rate was another hit on country's economy that would cause a new wave of inflation.
Bilour, who is also central senior leader of Awami National Party (ANP) said that PTI government blamed the former governments led by dacoits and looters had made mopping increase in interest rate up to 6.5 percent, now the interest rate in era of incumbent honest rulers had gone up to 12 percent.
Furthermore, he maintained that the constant hike in dollar rate, couple with increase in electricity and gas tariff has brought storm of inflation in the country, which engulfed everywhere and miserably hit the poverty stricken masses.
UBG leader said that the Pakistan Tehreek-e-Insaf (PTI) government had mortgaged the sovereignty of the nation with the International Monetary Fund (IMF) as it had resorted to anti-people policies to borrow loans. He said the rulers compromised the country's interests for nominal economic gains.
"The government must share with the public the strings and conditions attached with the IMF's bailout package," he demanded. Ilyas Bilour further said that PTI leader Imran Khan had asserted that he would prefer suicide to seeking financial assistance from the IMF, but now the government was jubilant over its agreement for loan with the money-lending institution.
He said the rulers had handed over the affairs of the country to the IMF. He said that tough conditions attached with foreign loans added to the woes of the poor through imposition of new taxes and increase in prices of essential commodities, gas and electricity.
He demanded of the government to immediate take back decision of increase in the interest rate and should take measures to gaining value of Pakistani rupee against the US dollar in the country.