KARACHI: The United Business Group (UBG), comprised of influential businessmen, has asserted that Army Chief Gen Asim Munir was urged by the business community to take actions aimed at reducing inflation and addressing the issue of smuggling. In addition to seeking representation on the newly established Special Investment Facilitation Council, members of the UBG also called for the implementation of measures against Independent Power Producers (IPPs).
In a press conference held at the Karachi Press Club, UBG President Zubair Tufail, alongside other UBG office-bearers, provided details regarding the recent meeting between the business community and the army chief.
They proposed that the government should prohibit all owners of IPPs from leaving the country. Moreover, authorities should add the names of both domestic and foreign IPP owners to the exit control list. The government is in the process of renewing expiring contracts with IPPs to curb their exploitation,” Tufail stated.
Tufail emphasized that institutions should play a role in combatting the smuggling of wheat and sugar. He underlined that any shortages in Afghanistan were not their concern.
He pointed out that, at present, a small family with two children struggles to survive on a monthly income of Rs50,000, and called on traders involved in driving up inflation to cease their actions.
Tufail questioned the unjustified price hike of up to Rs180 per kg in sugar, given the ample stock of 1.8 million tonnes in the country, sufficient for three and a half months.
He also highlighted the smuggling of essential items such as sugar and wheat to Afghanistan, which added pressure to local prices. Furthermore, he mentioned the influx of chemicals, steel bars, clothing, and fibers from Iran through informal channels.
National Concerns
Tufail expressed concern about the challenges faced by the entire nation due to rising food prices resulting from the depreciation of the rupee, emphasizing the significant disparity between interbank and open market rates.
UBG Central Spokesman Gulzar Feroz explained that the army chief attributed the rising electricity prices to the conditions imposed by the IMF.
UBG Secretary Hanif Gohar held the relevant institutions responsible for the increase in food and product prices, demanding representation of the business community in the Special Investment Facilitation Council (SIFC), emphasizing the vital role of the private sector in the country’s economy.
