Traders announce series of protests

First protest to be staged on Thursday on MA Jinnah Road

KARACHI:

Traders are set to stage a series of protests against soaring electricity tariffs and what they describe as an “aggressive tax regime” affecting businesses in the metropolitan city. The first protest is scheduled for Thursday at 4pm on MA Jinnah Road by Bolton Market traders.

Atiq Mir, Chairman of the All Karachi Tajir Ittehad, appealed for widespread participation in the protest. He expressed deep concern over the current economic crisis, calling it the “worst in Pakistan’s history.”

He criticised the government's handling of the economy, stating that inflation and detrimental policies have led to widespread closure of businesses and flight of investment from the county and Karachi in particular.

Mir argued that the current economic policies have resulted in unbearable electricity costs and an oppressive tax regime. He claimed that the so-called trader-friendly tax scheme has failed due to unrealistic rates, causing 90 per cent of businesses to shut down and over 40 per cent of employees to be laid off.

He also referred to the severe impact on the profitability of industries and businesses, with a reported 70 per cent decline over the past three years, leading to trillions of rupees worth of losses.

The traders' leader condemned the government for its inability to address these issues, demanding an immediate revision of the budget, a reduction in government privileges, and the declaration of an economic emergency to avert further damage to Karachi’s economy.

Mir lamented that the government’s actions appear aimed at further destroying the country, criticising the increase in electricity, oil, and gas prices to service IMF debt. He accused the government of prioritising debt repayments over the welfare of its citizens and criticised the imposition of taxes on essential items.

He warned that the government’s indifference and its “role as an agent of the IMF” have led to widespread chaos and unrest. Mir urged the public and traders to unite in a "Save Pakistan Movement" to combat the economic crisis and protect the nation’s future.