Former Vice President of FPCCI and Senior Business Leader Captain Abdul Rashid Abro said that during the current fiscal year, millions lost their jobs in many sectors across the country due to a large-scale decrease in industrial production. Expressing concern over the continuous increase in the inflation rate he said that due to the lack of new investment in the country and ack of new employment opportunities, there is a terrible flood of unemployment, including inflation, which the government has no preparation to deal with. IMF is ready to put the country in a new trap, on the other hand, our politicians are not ready to end their differences for the betterment of the country.

Captain Abro said that in the current fiscal year, March 2023, a 36% increase in the rate of inflation compared to last year, 2022, has been seen, and this is the highest level of inflation in the last 51 years, according to the State Bank’s monetary policy on inflation. Unable to control. The economy is facing serious problems due to the continuous depreciation of the local currency against the US dollar, while the foreign exchange reserves are also decreasing and there are reports that the foreign exchange reserves are only enough to meet the import requirements of four weeks, which is a serious cause of concern, especially for imports of oil.

Captain Abro said that Pakistan’s economy suffered massive damage due to devastating floods in August last year, and the government imposed new taxes worth Rs 170 billion. The loan program between Pakistan and the International Monetary Fund is still delayed, and there are reports that Pakistan is not on the agenda for the May 17 meeting of the IMF, as per the schedule of IMF board meetings that have been released. IMF has asked Pakistan to increase the policy rate further; despite all the demands being met, the new federal budget will once again be dictated by IMF and will hurt the poor and middle class of the country with new taxes. He said that Pakistan is under the worst economic crisis in its history. In these difficult situations, our rulers and politicians have to sit at a table and make decisions in the country’s best interest.