Islamabad, April 18, 2023 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said the upcoming Eid will be unexciting for the masses and dismal for the business community.

The purchasing power of the people has eroded due to rising inflation, and the rising cost of living has broken the back of the majority of the country. The majority is struggling to manage their food, so they would not be able to buy as usual for their families, he added.

Shahid Rasheed Butt said in a statement issued here today that everything, including electricity, gas, flour, sugar, ghee, vegetables, transport, house and shop rent and school fees, has become expensive, and it has become difficult for people to manage things with their shrinking income.

In one year, the price of petrol has increased by one hundred and thirty-two rupees, this trend is not stopping and is taking a toll on the economy, and the masses, but the politicians are fully engaged in a power struggle that has made them indifferent to the problems of the people, he added. The business leader said that the masses are told about the IMF loan very frequently, but six months have passed and there is no good news from the lender.

The IMF is not ready to trust Pakistan because of broken promises in the past for the sake of the elite. Some people believe that the tension between the United States and China is also the reason for the delay in the approval of the loan instalment.

Elites do not care about the IMF tranche, but the people who have nothing to do with but still have to bear its consequences. He noted that the price of oil is decreasing in the global market, but instead of giving the benefit of it to the people, it is being made expensive repeatedly.

If the government wants to earn money only by selling fuel, why is it spending billions of rupees on the tax collection agencies, he questioned. Even in these circumstances, the government is not ready to reduce its expenses, he said, adding that instead of giving assurances about the IMF deal, the government should inform masses about the reality.

For more information, contact:

Islamabad Chamber of Commerce and Industry (ICCI)

Chamber House, Aiwan-e-Sanat-o-Tijarat Road,

Mauve Area, G-8/1, Islamabad, Pakistan

Tel: +92-51-2250526, 2253145, 8432676

Fax: +92-51-2252950

Email: icci@brain.net.pk, info@icci.com.pk

Website: www.icci.com.pk