Sohail Nisar, Senior Vice Chairman of Pakistan Yarn Merchants Association (PYMA), has termed the recent increases in electricity rates as destructive for businesses and industries, has appealed to the Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy, Power and Petroleum Muhammad Ali to reduce the power tariff. Otherwise, it could lead to the shutdown of businesses and industries.

In an appeal, PYMA SVC stated that high costs have made doing business and running the industries extremely challenging. “The huge increase in electricity rates and heavy taxes will cripple businesses and industries. Small & Medium Enterprises (SMEs) will be completely devastated, causing massive unemployment.”

He further stated that the role of SMEs is crucial for economic stability. Developed countries worldwide take steps to support and promote SMEs, but unfortunately, in Pakistan, SMEs are being continuously ignored. If the SMEs are not given relief and are not saved from destruction, it will negatively affect the national economy.

Sohail Nisar requested the caretaker government to engage with the International Monetary Fund (IMF) on more lenient terms to save the economy from disaster. He also emphasised that concrete proposals for the relaxation of conditions should be discussed, and public interests should be prioritised when making future agreements.