Business community must bringing inflation down: Razak

Talks underway with protesting goods transporters

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KARACHI
Advisor to the prime minister on commerce Abdul Razak Dawood said that the business community was increasing inflation in the country, on Saturday. The prime minister’s aide said “the business community is causing the rise of inflation in the country” and urged them to do their part to curb it. “We [Pakistanis] do not possess a global vision,” he said while addressing at the Edible Oil Conference. “People criticise our government and ask what good have we done by increasing exports by four to five percent. I assure you, we are moving towards stability and this is the last installment we have taken from the International Monetary Fund (IMF),” he said. Emphasising the need to curb imports, Dawood said that the country needs to get rid of the ‘import based’ economy to move forward.
The State Bank of Pakistan (SBP) on January 7 said during the first quarter of current fiscal year FY-20, Pakistan’s economy moved progressively along the adjustment path, but inflation reached the highest level during the last seven years. Pakistan’s economic growth is unlikely to meet the target of 4 percent this fiscal, due to soft trends in agriculture and manufacturing production, the central bank said, advising the government to address structural vulnerabilities to put the economy on a sustainable growth trajectory.
Adviser to Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood on Saturday said talks are underway with protesting goods transporters to end their strike.
“Matters with the transporters will be resolved soon”. On exports, the adviser said to further boost the country’s exports, we are looking to get access to the more international markets. He said the incumbent government is trying hard to tackle the gas shortage issue and added that supply of gas to Punjab’s industries has resumed.
Cargo supplies remained suspended across the country as goods transporters’ strike continued on a sixth consecutive day. A spokesperson for the protesting goods transporters, Imdad Hussain Naqvi had said on Thursday, that supply of cargo meant for export from Karachi and Bin Qasim ports had been suspended owing to the strike. He had said supply of imported goods, including industrial and construction machinery, has been suspended as well. Cargo supplies across the country came to a halt on Monday when goods transporters suspended their operations in protest over hefty increase in fines

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