PIAF calls for solid economic plan as uncertainty continues to hit economy
The Pakistan Industrial and Traders Associations Front (PIAF) has called for solid economic plan from all the stakeholders, terming the economic conditions as the uncertain one in view of deteriorating energy crises following the tough conditionalities of the International Monetary Fund (IMF), making this year more complicated and unstable for the economy.
The PIAF chairman Faheemur Rehman Saigol said all political parties should provide their economic stability plans to avert further losses and delays, warning that numerous global issues are impacting world economies. He said the government should prioritize resolving the energy crisis by providing sufficient and affordable electricity and gas to industries.
He called for a fully-fledged and sound plan with a highly competent team to handle local challenges forthwith, but unfortunately, they have no solid plans or directions. He foresees the new fiscal year full of challenges for businesses and industries in Pakistan due to political uncertainty on global and local fronts. The incumbent government should come up with drastic measures to give confidence to local industrialists-cumentrepreneurs and foreign investors through industry-friendly and investment-friendly policies. In this regard, the interest rate should be gradually reduced to boost economic activity and industrialization within the country.
The import bill should be reduced by imposing bans on luxury products. He highlighted controlling inflation to ensure affordable living costs for the masses and containing the cost of production for businesses at a local level. He pleaded for formulating economic plans aimed at reviving growth in large-scale manufacturing, small and medium-sized segments, the service sector, and exports.