The Pak International Business Forum (PIBF) has welcomed the austerity measures introduced by the Government of Pakistan in response to rising petroleum prices, while urging the authorities to immediately pass on the benefit of declining crude oil prices in the international market to consumers and the industrial sector. In a joint statement, PIBF Central President Dr. Mushtaq Mangat and Central Secretary General Muhammad Ejaz Tanveer said that the business community considers the government’s steps aimed at reducing expenditures and ensuring fiscal discipline as a positive development. They noted that the continuous increase in petroleum prices has significantly raised the cost of transportation, industrial production and overall business operations, putting additional pressure on the national economy. They observed that the crude oil prices in the international market have started declining considerably. In view of this development, they stressed that the government should ensure that the relief resulting from the reduction in global oil prices is immediately transferred to the public as well as to the industrial sector. Such a move, they said, would help ease inflationary pressures and provide much-needed support to economic and industrial activity. The PIBF leadership further stated that austerity measures such as reducing petrol allowances for ministers and government departments and curbing unnecessary expenditures are commendable and should be appreciated. However, they emphasised that such steps should not remain temporary but should continue until the country’s economic situation improves and stabilises. They also urged the government to maintain restrictions on unnecessary foreign tours by officials and ministers, and to ensure that public spending remains tightly controlled. The saved resources, they suggested, should be directed toward economic revival, export promotion and the strengthening of industrial productivity. Dr. Mushtaq Mangat and Muhammad Ejaz Tanveer emphasised that if the government continues with its austerity drive while ensuring timely relief in energy and petroleum prices, it would not only help control inflation but would also enable the wheels of industry to move at a faster pace, which is vital for the sustainable recovery of Pakistan’s economy.
