Peace and progress: ‘Economic action plan needed’

PYMA urges govt to announce a national economic emergency plan to boost economic activity in the country.

FAISALABAD:

Pakistan Yarn Merchants Association (PYMA) on Wednesday urged the government to announce a national economic emergency plan to boost economic activity in the country.

Talking to newsmen at a press conference, PYMA chairman Qaisar Shams Guccha and vice chairman Adnan Zahid Butt said the national action plan announced by the government recently only addressed terrorism in the country.

“The plan does not cover economic conditions in the country. If the economy is not strengthened, progress will remain elusive,” said Guccha.

He said prices of petroleum products had dipped by 50 per cent in the international market.

He said the import bill for petroleum products should be halved.

“The government should not have to borrow from the IMF,” he said. “It is imperative that the government should announce emergent measures to boost business activity in the country.”

Guccha said the economy had been crippled by the energy crisis.

“Emergency steps should be taken to overcome the energy crisis,” he added.

He said the price of furnace oil had dipped by $270 per ton which made it feasible to run some power plants on furnace oil during winter.

“Similarly some gas-run plants could also be converted to furnace oil temporarily for winter months”, he added.

He urged the government to expedite work on coal and solar energy plants and speed hydel projects.

Published in The Express Tribune, January 8^th, 2014.