PBF foresees 2023 tough year for economy
- By Web Desk -
- Feb 03, 2023
The Pakistan Business Forum (PBF) predicted that 2023 is going to be a tough year for the economy, ARY News reported on Friday.
As per details, the Vice President of PBF Ahmad Jawad said in a statement that Pakistan needs to find an alternative to International Monetary Fund (IMF).
The PBF vice president claimed that the political parties have no roadmap for the betterment of the economy. He said that the government also need to divide the burden of the current inflation.
He termed the government policy of free-floating the dollar, ineffective. He further said that after the general the government will approach the IMF again.
Earlier, the Pakistan Business Forum (PBF) slammed the sudden hike in the US dollar value at the interbank level, terming it a disaster for the economy.
Read more: PBF SLAMS UNPRECEDENTED HIKE IN DOLLAR VALUE
Vice President of PBF Ahmad Jawad in his statement asked how could depreciation of the rupee can be allowed, the depreciation will increase the inflation rate to 30pc, he added.
The devaluation of the rupee has added Rs2.5 trillion to Pakistan’s total debt, the PBF official said.
He said it looks like the government is ready to meet all the IMF demands to revive its loan programme and as a result new taxes would be imposed on the industry and the masses. Fuel prices will also be increased.
PBF official also stressed attaining a balanced development in establishing united and fair society; stressing the growth with fair distribution enabling every Pakistani to participate in any principal economic activity.