Army Chief attributes rise in electricity prices to IMF conditions

September 6, 2023 (MLN): The increase in electricity prices is attributed to the conditions imposed by the International Monetary Fund (IMF), as stated by Army Chief General Asim Munir during a press conference with the business community on Wednesday.

President of United Business Group Zubair Tufail Mirza Akhtar Baig and Khalid Tawab held a press conference with the Army Chief General Asim Munir.

During the conference, the current economic situation was discussed and it was addressed that the rising prices of essential commodities such as electricity, flour, sugar, and gas are causing difficulties for the entire population.

Moreover, one of the main reasons for inflation is the significant depreciation of the domestic unit, resulting in a substantial gap between the inter-bank and open market rates.

The conference also raised concerns about the challenges faced by small families, struggling to make ends meet with an income of just 50,500 rupees.

Zubair Tufail also pointed out the role of traders in contributing to inflation.

He expressed that the sugar prices had soared to 180 rupees and this price increase is unjustified for the population.

Furthermore, he stated that there is a sufficient supply of approximately 18 lakh tons of sugar in the country, enough to last for three and a half months.

The President of United Business Group urged the Deputy Commissioners for tighter control of sugar prices

Regarding the rising cost of sugar and wheat, it was stated that these essential commodities were being diverted to Afghanistan, causing prices to increase domestically.

Furthermore, Zubair Tufail highlighted that large quantities of Saria fiber cloth were being imported from Iran, impacting the local market.

Khalid Tawab added to the discussion, stating that the industries were facing severe challenges due to the poor state of the economy.

Around 40% of industries are closed in Pakistan due to high electricity bills and deteriorating economic conditions.

However, Khalid Tawab expressed optimism after their meeting with the Army Chief, seeing a glimmer of hope.

He also emphasized the worsening unemployment situation and noted that neighboring countries had better economic conditions compared to Pakistan.

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