Farooq Shaikhani lauds federal, provincial govts for controlling inflation

HYDERABAD    -   Muhammad Farooq Shaikhani, President, Hyderabad Chamber of Small Traders & Small Industry lauded federal and provincial governments for their efforts to control inflation in Pakistan. He noted that in recent weeks, the prices of essential food items such as flour, chicken, pulses and vegetables have significantly decreased.  The importation of vegetables has particularly impacted the prices of tomatoes, onions and other produce, Additionally, the prices of petroleum products have dropped by more than 20 rupees over the past two months. With the decline in global petroleum prices, petrol is expected to become even cheaper in June. However, Shaikhani pointed out that despite the government’s efforts, the benefits of reduced inflation are not reaching the common people. Instead, only stockiest, wholesalers and retailers are reaping the advantages of the price reductions. He affirmed that even with the expected decrease in petrol prices, transportation fares have not been adjusted accordingly. Chamber President Farooq Shaikhani stated that economic performance reports from the Asian Development Bank, State Bank and Bureau of Statistics indicate that Pakistan’s economy has been on the right track for the past nine months. If this positive trend continues, inflation is expected to decrease to 15 percent by 2025. Shaikhani also highlighted a recent statement from the IMF praising the Pakistani government’s efforts to control inflation and reduce government expenditure.

According to Finance Minister Muhammad Aurangzeb, Pakistan has initiated negotiations with the IMF for a new multi-billion dollar loan agreement. The goal is to raise the tax and capital investment rate to 15 percent of GDP, which is a promising development for the country’s economy. He urged Pakistani government to maintain these reduced prices, especially with the upcoming budget next month.

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