PESHAWAR
Chairman, Amun Taraqqi Party (ATP) Muhammad Faiq Shah has said political stability is imperative for economic prosperity and development and demanded to sign a ‘charter of Economy’ to overcome the prevailing crisis situation.
Shah was talking to a delegation of local traders, manufacturers and representatives of small and medium enterprises (SMEs) here on Sunday.
The party central leaders, office bearers, think tanks and others were present during the meeting.
Traders on the occasion apprised the ATP chief Faiq Shah about their economic difficulties in the prevailing circumstances.
As per World Bank’s Food Security Update Report, Faiq said the purchasing power of people in Pakistan has decreased by 38% due to the high cost of food.
He said the report further stated that food prices have consistently risen in 11 months and reached 47%.
He held the incumbent rulers responsible for rapid economic meltdown.
On the other hand, he said the drug regulatory authority has increased the prices of life saving medicines by 14 per cent.
Commenting on the half yearly report released by State Bank of Pakistan on the country’s state of economy, he said the report has presented a bleak picture of the national economy, showing negative performance in various key sectors.
He said the dollar has continued to strengthen against the Pakistan rupee in the interbank market.
Shah said historic inflation has adversely affected all segments of the society.
He added inflation and unemployment have sharply increased while businesses and industrial growth, export, trade and investment have also shrunk over the past one year.
Faiq criticised the incumbent government for its failure to arrest inflation and economic slide.
He urged the government and opposition to extend some mercy on inflation-hit masses and put aside their political differences and work jointly for coping with rising inflation and economic challenges.
He asked to ensure availability of food items at subsidized rates to provide relief to poor masses and avoid adding to their miseries by following and implementing tough conditions of the IMF.
Shah, while talking about continuous political victimization and using state institutions against political opposition, stressed the need of opting the path of dialogue to end the current political and economic instability in the country.
