AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

KARACHI Patron-in-Chief of United Business Group (UBG) S. M. Muneer and Secretary-General Zubair Tufail have said that gas and electricity crises have severely affected industrial production, and if the supply of electricity and gas to the industry is disrupted, there will be a flood of unemployment, and exporters will not be able to fulfill their orders.

They urged Prime Minister Imran Khan to pay attention to these issues and solve the problems of the industrial sector immediately.

They were of the view that the government needed to take further steps to improve business conditions and exports affected by the coronavirus.

S. M. Muneer and Zubair Tufail welcomed the announcement by the central bank that the economic situation was improving. However, they said that the risk of inflation needed to be addressed as well.

The UBG leaders, while commenting on the new monetary policy of the State Bank of Pakistan, said that the destruction caused by the rains had severely damaged standing crops due to which rise in commodity prices had led to inflation.

Inflation was expected to rise to 9 percent, they said.

They said that the industry was registering a modest improvement, but the problems faced by the industry should not be an obstacle to that improvement.

The government should take appropriate measures to maintain supply of gas, electricity and water to the industrial sector.

They said that the business community was well aware of the fact that the team of Prime Minister Imran Khan had been striving to improve the economic condition of the country.

They said that government’s measures had resulted in increased remittances, foreign exchange reserves and cash flow.

The bank received $2.2 billion a month in remittances from overseas Pakistanis, and the country’s total foreign exchange reserves had exceeded $19.90 billion.

Copyright Business Recorder, 2020

Comments

Comments are closed.