LAHORE: The Pak International Business Forum (PIBF) has welcomed the austerity measures introduced by the government in response to rising petroleum prices, while urging the authorities to immediately pass on the benefit of declining crude oil prices in the international market to consumers and the industrial sector.
In a joint statement, PIBF Central President Dr Mushtaq Mangat and Central Secretary General Muhammad Ejaz Tanveer said the business community considered the government’s steps aimed at reducing expenditure and ensuring fiscal discipline a positive development. They noted that the continuous increase in petroleum prices had significantly raised the cost of transportation, industrial production and overall business operations, placing additional pressure on the national economy.
They observed that crude oil prices in the international market had started declining considerably. In view of this development, they stressed that the government should ensure the relief resulting from the reduction in global oil prices is immediately passed on to people as well as the industrial sector. Such a move, they said, would help ease inflationary pressures and provide much-needed support to economic and industrial activity.
The PIBF leadership further stated that austerity measures such as reducing petrol allowances for ministers and government departments and curbing unnecessary expenditure were commendable and deserved appreciation. However, they emphasised that such steps should not remain temporary but should continue until the country’s economic situation improves and stabilises.
They also urged the government to maintain restrictions on unnecessary foreign tours by officials and ministers and to ensure that public spending remains tightly controlled. The saved resources, they suggested, should be directed towards economic revival, export promotion and strengthening industrial productivity.
Mangat and Tanveer emphasised that if the government continues its austerity drive while ensuring timely relief in energy and petroleum prices, it would not only help control inflation but also enable industry to operate at a faster pace, which is vital for the sustainable recovery of Pakistan’s economy.
