The Pak International Business Forum (PIBF) has rejected the proposed “smart lockdown” measures being considered by the government to conserve fuel and ease economic hardships, saying restrictions on business activity cannot provide a sustainable solution to the country’s economic challenges.
PIBF Central President Dr Mushtaq Mangat and Secretary General Muhammad Ejaz Tanveer said the primary demand of the business community is an immediate and substantial reduction in the prices of petrol, diesel and electricity, as economic activity cannot be revived without lowering the cost of energy and transportation.
They said high fuel and electricity prices had significantly increased the cost of production, transportation and doing business, disrupted supply chains and added to inflationary pressures on consumers.
“The government cannot accelerate economic activity by restricting economic activity. The real solution is to reduce the cost of doing business, particularly fuel and electricity prices,” the PIBF leadership said.
Dr Mushtaq Mangat said the government should immediately reduce the petroleum levy and other charges contributing to high fuel prices, while electricity tariffs should also be rationalised to provide relief to industry, traders and consumers.
Muhammad Ejaz Tanveer said a smart lockdown could result in lower commercial activity, reduced business turnover and further disruption to supply chains, while failing to address the underlying causes of rising costs.
He said the government should focus on cheaper energy, lower transportation costs and greater economic activity instead of imposing restrictions on businesses.
The PIBF leadership also expressed its full support for Jamaat-e-Islami’s long march against the petroleum levy, saying the demand for reduction in petroleum taxation reflected the genuine concerns of the business community.
PIBF urged the government to immediately reduce the petroleum levy, lower petrol and diesel prices and rationalise electricity tariffs to revive industry and trade, ease inflationary pressure and strengthen supply chains.
