Pakistan cannot afford to waste the business community’s hard-earned foreign exchange to the “unchecked import of oil products”, remarked LCCI President Mian Nauman Kabir. Oil imports during the first 10 months of the current fiscal year (July-April) stood at around $17 billion, around 95% more as compared to the same period of the previous fiscal year, he said. “It is a very good sign that the government has accepted the LCCI proposals regarding the removal of controversial subsidies on petroleum products, which was forwarded to the Prime Minister Shahbaz Sharif through an open letter a few days ago.” Kabir suggested that the “government should keep in view the stakes of Pakistanis first”. “Remove controversial subsidies and eventually help the rupee and the current account to recover,” he emphasised.
Published in The Express Tribune, May 29th, 2022.
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