ISLAMABAD: August 1, 2023: The Federation of Chamber of Commerce and Industries (FPCCI) has bitterly criticized the government decision to increase the rates of petroleum products and called it a bombshell dropped on the masses by the rulers on their last leg in power. FPCCI chairman coordination , Mirza Abdul Rehman , in a statement issued here on Tuesday said “Those who promised to address the financial woes of the masses even by selling their clothes have latterly made the people lives like a hell by dropping on them the last big bombshell by increasing the petrol prices by Rs 20 a litre.
FPCCI chairman coordination added that Finance minister , Ishaq Dar, who promised to bring US dollar down and address the issue of pricehike turned to be a mere political stunt. He said the people lives have become worse in Pakistan Democratic Movement (PDM) rule as inflation in its tenure spanning over one and half years soared to a unbearable level of 29 %. Mirza Abdul Rehman also cricitised the policy of PDM government of pampering elite and privileged section of the society through various incentives and exemptions. He said Pakistan’s currency lost its value alarmingly in PDM rule which opened up a floodgate of price hike besides stoking inflation to an alarming level.
FPCCI chairman coordination said Afghanistan which is at war for the last many decades has done better than Pakistan as it currency is appreciating since takeover of Taliban in that country. He lamented that Pakistani rulers rather than taking steps to overcome current financial crisis were promoting the culture of granting unbelievable exemptions for those who were already beneficiaries of the current system of governance.
Mr Abdul Rehman also vehemently crisis the State Bank of Pakistan (SBP) for jacking up interest rate as high as 22 percent and termed it a recipe of destruction of Pakistan. He said SBP’s decision to keep interest rate at 22 % is going to kill Pakistan’s industrial and business activities and ultimately bring exports to dead level. Mirza Abdul Rehman questioned SBP as to how any business or industrial activity is possible in the country if its central bank maintains interest rate as high as 22 % when its neighbors in the region have only single digit interest rates.
FPCCI leader said “ Its next to possible to do business or generate any industrial activity when central bank of a country intentionally holds interest rate in double digit for more than a year”.
SBP is holding interest rate over 20 % for the last more than a year and in this period it has facilitated the banks to make undue profit by lending their money to the government. At such a high rate no business or industrial activity was possible. Mirza Abdul Rehman noted that Pakistan will be at loss as long as SBP keeps interest rate at currnt level basically to serve the banking mafia of Pakistan.
Mirza Abdul Rehman appreciated the role of the army chief, Asim Munir , in saving Pakistan from default and then taking a role for economic revival of Pakistan. He said the traders and industrialists of Pakistan see the efforts of the army chief for revival of Pakistan’s economy with great love and appreciation.
