Govt Drops Petrol, Dollar Bomb On Masses Days Before Eid: FPCCI

Govt drops petrol, dollar bomb on masses days before Eid: FPCCI

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday said the government has dropped petrol and dollar bomb on masses days before the religious festival of Eid.

Islamabad, (Pakistan Point News - 12th Jun, 2018) : The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday said the government has dropped petrol and Dollar bomb on masses days before the religious festival of Eid. President FPCCI Ghazanfar Bilour said that a record reduction of Rs4.40 in the value of local Currency versus US dollar is a big blow to the masses while upward revision in the prices of petroleum products will jolt the whole economic structure of the country.

In a joint statement with SVP of FPCCI Mazhar Ali Nasir and Chairman Coordination of FPCCI Malik Sohail here, Ghazanfar Bilour said that the devaluation has added almost Rs400 billion to foreign debt and it has also exposed the tall claims of politicians regarding economic stability. They noted that the Finance Minister of the Pakistan Muslim League-Nawaz (PML-N) had recently assured the masses that further devaluation is not needed but the policymakers took everyone by surprise.

The business leaders said that the difference in the interbank and market rate of dollar is spreading which will discourage legal money transfers and promote hundi hitting remittances. Record trade deficit and current account deficit has added the economic challenges while the economic managers have found it convenient to tackle problems by devaluing the currency and borrow which amounts to economic suicide, the business leaders added. The FPCCI office bearers said that SBP would only point towards problems but prefers to remain mum about solutions which is damaging its credibility.

Malik Sohail said that masses should not be kept in the dark if all the decisions are being taken on the behest of the IMF. Lashing out at the failed policies of the former government, he said that masses and dejected business community should not be made to pay for the blunders of the policymakers. The FPCCI leaders asked the caretaker government to take back the decision in the national interest as it will stoke inflation and make life difficult for the masses reeling under multiple issues.