ISLAMABAD: Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday criticized a cut in the prices of petroleum products that will annoy the IMF and the move is contrary to the ground realities. The move amounts to challenging the IMF, which will have a minor impact on inflation but will also increase oil consumption, which will increase the burden on depleting foreign exchange reserves, he said. Shahid Rasheed Butt said that instead of price cut, the government should have increased petroleum levy agreed with the IMF. He said that IMF was already annoyed due to the policies of the government and the latest move will further delay the next IMF loan tranche. He said that instead of reducing the price of oil for political considerations, the government should have increased its tax revenue and reduced the deficit. The policymakers should stop playing with the IMF. The country’s economy is on its deathbed and there is no option but to accept the demands of the international organization, he observed. Online
