KARACHI: The Chairman of the National Business Group Pakistan and Pakistan Businessmen and Intellectuals Forum President Mian Zahid Hussain Wednesday said despite hue and cry by the independent economists and the business community, the authorities are not taking concrete steps to control import bill and are busy giving different justifications.
He said that the current government had inherited a trade deficit of $ 30 billion, which will reach $45 billion by year-end.
The import bill of July-October has reached $25.1 billion, which is up by 64 percent as compared to the corresponding period.
Lauding the decision of the government to provide gas to the fertilizer sector on a priority basis, Mian Zahid said that the move will help improve the situation as farmers are suffering from high prices and scarcity of fertilizer which will influence food security.
Mian Zahid said that it will improve the fertilizer stocks in the country and may contribute to a reduction in cost which will benefit farmers and ensure food security.
He said that because of the shortage of urea, high prices and stockpiling of urea across the country, farmers are worried, which has raised concerns about the production of important crops.
The hoarders are robbing the farmers with no fear and no one will be safe from the effects of reduced agricultural output.
He said that action must be taken against the elements jeopardizing livelihoods and agricultural production for their petty benefits.
Mian Zahid Hussain said that it has been decided to give the same priority to the fertilizer sector in gas supply for three months as is being given to the export sector which will improve the condition of fertilizer stocks in the country which will affect the market and food security situation.
He said that at present the price of fertilizer is high in the world market so there is no option to import it so it has become necessary to rely on the local industry which cannot run without gas.
However he noted that the gas is in short supply therefore it must be imported to bridge the shortfall.
Copyright Business Recorder, 2021
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