Mafia taking advantage of instability: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- March 03, 2023 (PPI-OT)

Following is the text of press release issued by Pakistan Businessmen and Intellectuals Forum (PBIF)

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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 Friday said implementation of IMF conditions has brought chaos in the country. The value of the dollar has increased tremendously, and the basic rate of interest has been increased from seventeen percent to twenty percent, which will be from 23 to 24 percent after the addition of bank's profit, he said.

Mian Zahid Hussain said that businesses cannot operate after paying such a high-interest rate therefore many will be closed which will add to non-performing loans. Talking to the business community, the veteran business leader said that the dollar has hit the mark of 290 rupees before coming down by ten rupees and it continues to fluctuate.

However, he said, an increase in the value of the dollar against the rupee will increase remittances, customs revenue, and exports. He noted that the electricity price has been increased by R3.82 per unit, the price of gold has increased by nine and a half thousand rupees, the rate of sales tax on luxury goods has been increased to 25 percent and inflation is touching 35 percent.

In this whole game, while the people are losing money, the mafia is making billions of rupees overnight, he observed. Mian Zahid Hussain said that the continuous delay in the agreement with the IMF is increasing the anxiety in the market and the comforting...