Business

Bilour expresses concern over present economic crisis

Written by The Frontier Post

F.P. Report

PESHAWAR: Former FPCCI president and senior leader of Businessman Forum, Ghazanfar Bilour expressed serious concerns over the deteriorating economic situation, especially the growing electricity, gas crisis, along with a whopping increase in prices of petroleum commodities over the last one month.
Leader of the Businessman forum viewed the process of industrialization has completely halted in KP and elsewhere in the country while business and commercial activities have also been affected badly owing to prevailing circumstances.
A statement issued here on Thursday, the country’s leading businessman Ghazanfar Bilour noted that prices of petroleum commodities are frequently increasing, while Pakistan rupee also rapidly depreciating against dollar, besides that trade deficit, circular debts along with electricity, gas crisis deepening with each passing day, resultantly the depressing situation has brought the national economy on brink of a complete collapse.
A severe stagnation has been witnessed in industrial growth, whereas a remarkable decline also registered in the country’s exports as well as import, he noted.
He said a confusion and uncertain situation is currently prevailing in the entire country. He criticised the rulers for not having any clear policy and programme to pull the country out from the present crisis, because of that a great unrest has been created among the general masses. He observed the spiraling price-hike has made the life of the common man miserable.
Junior Bilour stressed the need of framing independent economic policies to prevent the country from economic bankruptcy. In this regard, he called to take chambers and the business community on board.
Former FPCCI president castigated the present coalition government for putting the country’s economy at stake at the behest of the IMF. He said the trade and economic activities completely standstill despite the fact that no serious measures were being taken to put the country’s economy on the right track.
Owing to the unavailability of electricity and gas, Ghazanfar Bilour said that industrial process has been halted in Peshawar and rest parts of Khyber Pakhtunkhwa that has triggered massive unemployment in the province. Ex-FPCCI chief lamented that proposals of all chambers were not incorporated in the federal budget for Financial Year 2022-23, which was reflecting non-serious of the incumbent government towards resolution of the business community issues.
Ghazanfar Bilour said if the government wanted to put the national economy on the right track so it should make proper consultation with chambers and the business community before framing economic policies. He asked to avoid pushing the country’s economy towards bankruptcy on dictation of foreign monetary institutions.

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