ISLAMABAD
Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said the loans serve the interests of the elite while the people have to pay these debts and interest.
Social and economic life is being severely affected due to high inflation and the current precarious situation is like a time bomb for the country which could explode at any time, he said.
Shahid Rashid Butt said that poverty in the country is increasing rapidly. The majority is unable to get proper food, which is resulting in unrest and crimes.
Inflation is squeezing the masses, but the government is using excuse of high commodity prices in the global market as a justification for the inflation at home that no one believes, he added.
The business leader said that the central bank and finance ministry and other departments often reassure the public that inflation will come down in three or six months, but this is not happening.
