Govt can keep inflation down through cross-subsidies: Mian Zahid.

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Wednesday said Pakistan has the weakest economy in the region but the price of petroleum products is less than other countries which is amazing.

In the case of oil, a subsidy of about two billion rupees is being given daily, out of which more than half is benefiting those who do not need this concession, he said.

Mian Zahid Hussain said that the government should make oil cheaper for motorcycles and three-wheelers while fuel for cars should be expensive.

Talking to the business community, the veteran business leader said that the government can consider cross-subsidies in fuel to keep inflation a bit lower.

He said that after the bankruptcy of Sri Lanka, Pakistan has become one of the most challenged economies in the region. How can a country which cannot function without debts keep the price of oil lower than the countries of the region with stable economies, he asked.

He noted that those who sacrificed national interests for petty political gain aggravated the problem through subsidies and amnesty schemes and stopped the IMF program, which is now being revived to save the country from a debt crisis.

Mian Zahid Hussain...