Public benefits from cheaper dollar. Prices of many items are reducing in the market. The decision to further discourage imports is laudable.

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(September-27-2023)

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that the economy is recovering slowly as a result of the actions of the government and the army.

The prices of many things, including food items, are coming down across the country, which is appreciable as it is reducing the burden on the people, he said.

Mian Zahid Hussain said that the decision to discourage unnecessary imports through taxation is a good move, which will save a lot of foreign exchange.

Speaking to the business community, the veteran business leader said the country seems to be coming out of a quagmire of problems due to the complete focus on the economy, but it will take time for the situation to return to normal.

The caretaker Prime Minister has also mentioned the benefits of investing in Pakistan to UK-based Pakistani and British investors while expressing his commitment that the government will reduce expenditure and increase revenue so that the country’s economy can grow.

The PM wants the situation to improve and the sufferings of the people to decrease, he said, adding that the economic indicators and foreign exchange reserves have started to improve, and it is hoped that there will be improvement in the industry, agriculture, trade, and services sectors.

Mian Zahid Hussain said that for continued improvement, it is necessary to put the economy before everything, including politics.

He said that it is necessary to hold the election as soon as possible for the sake of political stability. According to the Election Commission, the elections will be held in January, but no political party has started the election campaign yet, he observed.

The business leader said that the sooner the elections are held, the better, so as to end the uncertainty. He further said that it has become necessary to give relief to the public and the business community, which should be started by reducing the price of electricity, while it has also become necessary to reduce the price of gas, petrol, and diesel.

Inflation has risen sharply due to the rise in electricity, gas, and fuel prices, which is somewhat reduced by the depreciation of the dollar, but it has become necessary to reduce business costs for cheaper production and exports, without which relief cannot be given to the public.

Mian Zahid Hussain further said that the government should make a plan to give relief to the people, industrialists, and traders as soon as the crisis situation is over.

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