Chairman of Pakistan Business Forum (Capital Area), Atif Ikram Sheikh has commended lowering of Pakistan's annual consumer price inflation rate to 9.6% in August, the first single-digit reading in almost three years. The Consumer Price Index (CPI) decelerated further to 9.6% year-on-year in August, down from the previous month’s 11.1% Talking to media persons, Atif Ikram said the economy had been battling with inflation topping 20% since May 2022, peaking at a staggering 38% last May and these skyrocketing inflation rates coincided with the reforms implemented as part of a much-needed International Monetary Fund (IMF) bailout programme. He also expressed satisfaction over the "nosediving of inflation rate" in the country and upgradation of credit rankings by international financial institutions, including Fitch and Moody’s. The PBF official further stated that Pakistan’s exports have potential to reach 100 billion dollars, but due to the high cost of electricity in Pakistan, the industry is affected.

Electricity prices in Pakistan have reached 20 cents a dollar. He further said that in regional countries, electricity is available at 6 to 7 cents per unit that is why Pakistan’s industries cannot compete with regional countries. Basic problems should be solved to increase exports. At this time export industries are suffering from disaster. Atif Ikram who is also a President FPCCI also said Pakistan Business Forum showed their confidence in the role of special investment facilitation council. They said for the revival of the country’s economy SIFC was the need of the hour. He further stressed that if the government decreases the electricity rate to 9 cents and brings the interest rate to 12 percent, the closed industries will restart their operation by consuming 3,000 megawatts of electricity thus generating Rs 500 billion revenues for the government. In this regard we urge the government to implement measures to stabilize energy prices at 9 cents and ensure a fair pricing mechanism that does not overburden industrial consumers.”

Credit: Independent News Pakistan