PESHAWAR
Senior Vice President of Pakistan Businesses Forum (PBF), Muhammad Riaz Khattak has termed cut in the prices of petroleum products a wise decision of Prime Minister Shehbaz Sharif, saying it would provide relief to the common man and business community in the ongoing inflation.
He expressed the hope that the Prime Minister would also take measures to reduce the power tariff and overcome the power crisis due to unscheduled gas load shedding as it has become impossible for the industrialists to meet the export targets.
Riaz Khattak said survival of a country depends on a sound economy, which needs a peaceful atmosphere, better law and order and a business friendly environment. He urged the political parties to give top priority for a peaceful atmosphere in the country, which is a pre-requisite for sustainable economic growth.
PBF KP Chairman Umer Masood ur Rehman said it is good news for the business community as well as to the people of the country. He further said that the reduction in petroleum prices would reduce cost of production that would ultimately extend a direct benefit to the people.
He appealed to transporters to cut their fares/transport charges so the people could get goods, especially the essential items at low prices along with the relief in their routine travelling bill. Industry would definitely benefit from reduction in POL prices mainly.
As fuel and electricity are regarded as the lifeline of any economy and play a pivotal role in socio-economic development of a country; Umer added.
PBF KP Chairman also stated if Pakistan boosts its rate of tax-to-GDP and exports-to-GDP up to 15 per cent, the government would not need to ask for aid from the world.
At present, there was a 9.5 per cent tax-to-GDP ratio. Pakistan’s exports were US $31 billion while imports were US $80 billion. No country could afford such a large trade deficit so we have to control unnecessary imports, he added.
In this regard, the Government may ensure provision of 100 per cent facilitation to export-oriented industry with an effort to enhance the country’s overall exports.
